SOLUTION: A man deposited $300000 in his savings account at 8.5 perannum compound interest.He then add $50000 to his saving at the end of each year. Calculate his total savings for 3 years

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Question 1106459: A man deposited $300000 in his savings account at 8.5 perannum compound
interest.He then add $50000 to his saving at the end of each year.
Calculate his total savings for 3 years
Answer by Boreal(15235) About Me  (Show Source):
You can put this solution on YOUR website!
Easiest way to do this is by year
300000*0.085=25500
325500 after 1 year plus 50000 is 375500
after 2 years 31917.50 is added +50000 so the new total is 457417.50
after 3 years 38,880.48 is added + 50000, so final total is $546,297.99