Tommy started a savings account today by depositing $1000 and then deposited $500 for next year (Year 1). Furthermore, T

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answerhappygod
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Tommy started a savings account today by depositing $1000 and then deposited $500 for next year (Year 1). Furthermore, T

Post by answerhappygod »

Tommy started a savings account today by depositing $1000 and
then deposited $500 for next year (Year 1). Furthermore, Tommy
deposits into the same account $30 for Year 2
and then increases each new yearly deposit by $30 (so Year 3 = $60)
through Year 25. Assuming an interest rate of 4.8%, what is the
equivalent uniform amount of this investment if
paid out from Year 1 through Year 10 (to the closest dollar)?
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