document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1177408>Question 1177408</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Beginning in​ January, a person plans to deposit ​$10 at the end of each month into an account earning 6​% compounded monthly. Each year taxes must be paid on the interest earned during that year. Find the interest earned during each year for the first 3 years.\r<BR>\n" );
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document.write( "Homework question from Hans Beauvoir </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #850465 by </B><A HREF=/tutors/aboutme.mpl?userid=CPhill><B>CPhill(1959)</B></A><img src=\"/images/stars/stars-12.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=CPhill><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=CPhill><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=850465\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> **Year 1**\r<BR>\n" );
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document.write( "* **Monthly interest rate:** 6% annual rate compounded monthly means a monthly rate of 0.06 / 12 = 0.005.\r<BR>\n" );
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document.write( "* **Month 1:** $10 deposit earns no interest in the first month.<BR>\n" );
document.write( "* **Month 2:** $10 (previous deposit) earns $10 * 0.005 = $0.05 interest. A new $10 deposit is made.  The balance is $20.05.<BR>\n" );
document.write( "* **Month 3:** $20.05 (previous balance) earns $20.05 * 0.005 = $0.10 interest. A new $10 deposit is made. The balance is $30.15.\r<BR>\n" );
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document.write( "We continue this process for 12 months.  Here are the results:\r<BR>\n" );
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document.write( "| Month | Starting Balance | Interest Earned |<BR>\n" );
document.write( "|---|---|---|<BR>\n" );
document.write( "| 1 | $0.00 | $0.00 |<BR>\n" );
document.write( "| 2 | $10.00 | $0.05 |<BR>\n" );
document.write( "| 3 | $20.05 | $0.10 |<BR>\n" );
document.write( "| 4 | $30.15 | $0.15 |<BR>\n" );
document.write( "| 5 | $40.30 | $0.20 |<BR>\n" );
document.write( "| 6 | $50.50 | $0.25 |<BR>\n" );
document.write( "| 7 | $60.75 | $0.30 |<BR>\n" );
document.write( "| 8 | $71.05 | $0.35 |<BR>\n" );
document.write( "| 9 | $81.40 | $0.41 |<BR>\n" );
document.write( "| 10 | $91.81 | $0.46 |<BR>\n" );
document.write( "| 11 | $102.27 | $0.51 |<BR>\n" );
document.write( "| 12 | $112.78 | $0.56 |\r<BR>\n" );
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document.write( "**Total Interest for Year 1:** $3.94\r<BR>\n" );
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document.write( "**Year 2**\r<BR>\n" );
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document.write( "We start with the ending balance of Year 1 ($112.78) and repeat the process.\r<BR>\n" );
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document.write( "| Month | Starting Balance | Interest Earned |<BR>\n" );
document.write( "|---|---|---|<BR>\n" );
document.write( "| 13 | $112.78 | $0.56 |<BR>\n" );
document.write( "| 14 | $123.34 | $0.62 |<BR>\n" );
document.write( "| 15 | $133.96 | $0.67 |<BR>\n" );
document.write( "| 16 | $144.63 | $0.72 |<BR>\n" );
document.write( "| 17 | $155.35 | $0.78 |<BR>\n" );
document.write( "| 18 | $166.13 | $0.83 |<BR>\n" );
document.write( "| 19 | $176.96 | $0.88 |<BR>\n" );
document.write( "| 20 | $187.84 | $0.94 |<BR>\n" );
document.write( "| 21 | $198.78 | $0.99 |<BR>\n" );
document.write( "| 22 | $209.77 | $1.05 |<BR>\n" );
document.write( "| 23 | $220.82 | $1.10 |<BR>\n" );
document.write( "| 24 | $231.92 | $1.16 |\r<BR>\n" );
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document.write( "**Total Interest for Year 2:** $10.28\r<BR>\n" );
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document.write( "**Year 3**\r<BR>\n" );
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document.write( "Repeat with the ending balance of Year 2 ($231.92).\r<BR>\n" );
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document.write( "| Month | Starting Balance | Interest Earned |<BR>\n" );
document.write( "|---|---|---|<BR>\n" );
document.write( "| 25 | $231.92 | $1.16 |<BR>\n" );
document.write( "| 26 | $243.08 | $1.22 |<BR>\n" );
document.write( "| 27 | $254.30 | $1.27 |<BR>\n" );
document.write( "| 28 | $265.57 | $1.33 |<BR>\n" );
document.write( "| 29 | $276.90 | $1.38 |<BR>\n" );
document.write( "| 30 | $288.28 | $1.44 |<BR>\n" );
document.write( "| 31 | $299.72 | $1.50 |<BR>\n" );
document.write( "| 32 | $311.22 | $1.56 |<BR>\n" );
document.write( "| 33 | $322.78 | $1.61 |<BR>\n" );
document.write( "| 34 | $334.39 | $1.67 |<BR>\n" );
document.write( "| 35 | $346.06 | $1.73 |<BR>\n" );
document.write( "| 36 | $357.79 | $1.79 |\r<BR>\n" );
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document.write( "**Total Interest for Year 3:** $18.66\r<BR>\n" );
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document.write( "**Summary of Interest Earned**\r<BR>\n" );
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document.write( "* Year 1: $3.94<BR>\n" );
document.write( "* Year 2: $10.28<BR>\n" );
document.write( "* Year 3: $18.66 </SPAN>\n" );
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