document.write( "Question 1208885: Cannon wants to put as much as he can into an account as soon as he starts working
\n" ); document.write( "He deposits 25000 at the end of each year for 5 years in an account paying 6% compounded annually. How much will he have at the end of the 6th year.
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At the end of each year, Cannon gets 6% added to the balance.
\n" ); document.write( "If the balance at the beginning of a year is b, the interest earned is $\"b%2A6%2F100=b%2A0.06\"$ .
\n" ); document.write( "That makes the end of the year balance $\"b%2A0.06%2Bb=%280.06%2B1%29b=1.06b\"$ .
\n" ); document.write( "As that multiplying times $\"1.06\"$ happens at the end of each year,
\n" ); document.write( "at the end of the 6th year the initial 25000 deposit has grown to
\n" ); document.write( " $\"25000%2A1.06%5E5=25000%2A1.3382255776=33455.64\"$ (rounded to the nearest cent).
\n" ); document.write( "The second deposit would have grown to $\"25000%2A1.06%5E4\"$
\n" ); document.write( "The third deposit would have grown to $\"25000%2A1.06%5E3\"$
\n" ); document.write( "The fourth deposit would have grown to $\"25000%2A1.06%5E2\"$
\n" ); document.write( "The fifth deposit would have grown to $\"25000%2A1.06\"$
\n" ); document.write( "The total at the end of the sixth year will be
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