Finally Kevin has a client who would like to invest into an

Finally, Kevin has a client who would like to invest into an account that earns 3.2% interest, which is compounded annually. The client opens the account with an initial deposit of $4,000, and deposits an additional $4,000 into the account each year thereafter.

How much money is in the account after the tenth deposit, assuming no withdrawals or other deposits were made?

Amount in Bank

with Interest

Immediately after 10th deposit the amount in the account would be $46,726.

Total amount after each deposit
Deposit No	Amount in Bank with Interest	Amount Deposited	Total Amount
1	0	4000	4,000
2	4000(1.032) = 4128	4000	4128+4000 = 8,128
3	8128(1.032) = 8388	4000	8388+4000= 12,388
4	12388(1.032) = 12784	4000	12784+4000 = 16,784
5	16784(1.032) = 17318	4000	17318+4000 = 21,318
6	21318(1.032) = 22000	4000	22000+4000 = 26,000
7	26000(1.032) = 26832	4000	26832+4000 = 30,832
8	3083291.032) = 31819	4000	31819+4000 = 35,819
9	35819(1.032) = 36965	4000	36965+4000 = 40,965
10	40965(1.032) = 42276	4000	42276+4000 = 46,276
11	46276(1.032) = 47757	4000	47757+4000 = 51,757

Finally, Kevin has a client who would like to invest into an account that earns 3.2% interest, which is compounded annually. The client opens the account with a

Finally Kevin has a client who would like to invest into an

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