SOLUTION: Ms. Montgomery invested $1,600 at 10% simple interest at the beginning of each year for a period of ten years. Find the total accumulated value of all the investments at the end of

It is a classic Annuity Due saving plan. The general formula is 


    FV = ,    (1)


where  FV is the future value of the account;  P is the annual payment (deposit); r is the annual percentage rate presented as a decimal; 
n is the number of deposits (= the number of years, in this case).


Under the given conditions, P = 1600;  r = 0.10;  n = 10.  So, according to the formula (1), he will get at the end of the 10-th year


    FV =  = $28,049.87 dollars.


Note that he deposit only  10*$1600 = $16,000.  The rest is what the account earns/accumulates in 10 years.