Question 1076511
Tyler's dad starts a college fund and saves 1000.00 the first year and each year he saves 5% more than the previous year. How much money would be in the college fund at the end of 18 years?


Thank you for you help!

Jordan
<pre>This scenario represents a GEOMETRIC series, with a 1st term, or {{{a[1]}}} of 1,000, and a common ratio, or “r” of 1 +.05, or 1.05
Each term of a GEOMETRIC series: {{{a[n] = a[1]r^(n - 1)}}} 
18th term of this series: {{{matrix(1,3, a[18] = "1,000"(1.05)^(18 - 1), "=", "$2,406.619")}}}

Formula for sum of a GEOMETRIC series: {{{matrix(1,3, S[n], "=", (a[1] - a[n] * r)/(1 - r))}}}    
Sum of the 18 terms/years-savings of this series, or: {{{highlight_green(matrix(1,5, S[18], "=", ("1,000" - "2,406.619" * 1.05)/(1 - 1.05), "=", "$30,539"))}}}