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If you deposit $1,000 at the end of year one, $2,000 at the end of year two and $3,000 at the end of year three, approximately how much will you have at the end of 3 years? Assume a 7% annual interest rate throughout and all deposits are made at the end of the year.

Respuesta :

Answer:

"$6285" is the right solution.

Explanation:

The given values are:

Present value

P = $1,000

Rate

r = 7%

Now,

⇒  [tex]A=P(1+\frac{1}{100})^n[/tex]

⇒      [tex]=1000\times (1.07)^2+2000\times (1.07)+3000[/tex]

⇒      [tex]=1144.9+2140+3000[/tex]

⇒      [tex]=6284.9[/tex]

i.e.,    [tex]=6285[/tex]$

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