Suppose you invest 4643 for 5 years The annual interest vari

Suppose you invest $4,643 for 5 years. The annual interest varies annually: 5%, 6.1%, 14.3%, 1%, and 13.1%, respectively How much moncy will be available to you at the end of the fifth ycar?

Solution

Investment of $1: Year Interest Rate Amount after each year 1 5.00% 1.05 2 6.10% 1.11 3 14.30% 1.27 4 1.00% 1.29 5 13.10% 1.45 Therefore, $ 1 invested in Year0 become $ 1.45 after Year-5 Amount invested $ 4643, will become $6732.35 after Year-5 Amount available at the end of year5th: 6732.35