Question 649033: Peter plans to save all his earnings for 4 years so that he can buy a used car after he graduates from high school. He receives $5 for the first week, and earns .10 increase per week for 2 years, and then .15 increase per week for the last 2 years. What is the total amount Peter will have after 4 years
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Peter plans to save all his earnings for 4 years so that he can buy a used car after he graduates from high school. He receives $5 for the first week, and earns .10 increase per week for 2 years, and then .15 increase per week for the last 2 years. What is the total amount Peter will have after 4 years
------
Total for 1st 53 weeks = 5 + 5*1.01^104 = 13.39
----
Final total: 13.39*1.15^52 = $19,187.47
============================================
Cheers,
Stan H.
=================
|
|
|
