A yearly deposit of $ 1000 is made into a bank account that pays 8.5 % interest per year, compou

Name: A yearly deposit of $ 1000 is made into a bank account that pays 8.5 % interest per year, compounded annually. What is the balance in the account right after the 20^th deposit? How much of the balance comes from the annual deposits and how much comes from interest?
Uploaded: 2023-07-11T16:05:42-08:00
Duration: 2 min 14 s
Channel: Adi S
Description: A yearly deposit of $ 1000 is made into a bank account that pays 8.5 % interest per year, compounded annually. What is the balance in the account right after the 20^th deposit? How much of the balance comes from the annual deposits and how much comes from interest?

Question

Harsha M · Accepted Answer

First, we need to find the balance in the account after the 20th deposit. To do this, we can use

Question

A yearly deposit of $\$ 1000$ is made into a bank account that pays $8.5 \%$ interest per year, compounded annually. What is the balance in the account right after the $20^{\text {th }}$ deposit? How much of the balance comes from the annual deposits and how much comes from interest?

Please give Ace some feedback