SOLUTION: George deposits $45 at the end of each year for 4 years. How much will he have at the end of year 4 if interest rate is 5% compounded annually?

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Question 760466: George deposits $45 at the end of each year for 4 years. How much will he have at the end of
year 4 if interest rate is 5% compounded annually?
Answer by Cromlix(4381) About Me  (Show Source):
You can put this solution on YOUR website!
100 + 5 = 105% = 1.05
$45 * 1.05 ^4 = $54.70
Hope this helps
:-)