Question 815543: Hi i need help on this question, please help:
Carol and Anthony will invest £5100 per year in a savings account at a rate of 4% per year compounded annually. How much will the JOINT total be after 5 years.
Can someone please explain how to work it out or what formula to use.
Thank you!
Answer by KMST(5328)   (Show Source):
You can put this solution on YOUR website! At the start, they deposit £5100.
In the first year the interest earned is the initial balance at the start of that year (£5100) times the interest rate as a fraction or decimal
  .
At the end of the first year, they will have the initial amount, plus the interest:5100
    .
That means that in the first year the initial balance grows by a factor of  .
That happens no matter what the initial balance, and no matter what happened before.
At the beginning of the second year, they deposit £5100 again,
and end up with (in £)
Over the second year that amount of money again multiplies times to get to
by the end of the second year.
At the beginning of the third year, they deposit £5100 again,
and end up with (in £)
Over the third year that amount of money again multiplies times to get to
by the end of the third year.
The pattern continues, and by the end of the fifth year,their balance is
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