how much will bill have by the end of his senior year if the money is invested of 6% interest?

Question

bill is able to save $200, $300, $400, and $500 at the end of his freshmen, sophmore, junior, and senior year...

Answer 1

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Answer 2

The total he saved is 1400.00 at .06 percent. multipy .06 by 1400.00 go to the left of your answer 4 places and put your decimal point in and you should get $84.00

Answer 3

This is a question that gets at the issue of compound interest. If the money is invested at 6%, that means that each year it will grow by that amount. It really matters whether the money is compounded monthly, daily, or yearly. You will get more money if you compound it daily. Since you have not stated how often, I will do one calculation based on monthly, and another based on annually.

Monthly
Y-Mo/-Save/-Accum-Int @-Accum
R-Yr-Month-Save-$0.06-Total
F-1-$16.67-$16.67-$0.08-$16.75
F-2-$16.67-$33.42-$0.17-$33.58
F-3-$16.67-$50.25-$0.25-$50.50
F-4-$16.67-$67.17-$0.34-$67.50
F-5-$16.67-$84.17-$0.42-$84.59
F-6-$16.67-$101.26-$0.51-$101.76
F-7-$16.67-$118.43-$0.59-$119.02
F-8-$16.67-$135.69-$0.68-$136.37
F-9-$16.67-$153.04-$0.77-$153.80
F-10-$16.67-$170.47-$0.85-$171.32
F-11-$16.67-$187.99-$0.94-$188.93
F-12-$16.67-$205.59-$1.03-$206.62
S-1-$25.00-$231.62-$1.16-$232.78
S-2-$25.00-$257.78-$1.29-$259.07
S-3-$25.00-$284.07-$1.42-$285.49
S-4-$25.00-$310.49-$1.55-$312.04
S-5-$25.00-$337.04-$1.69-$338.73
S-6-$25.00-$363.73-$1.82-$365.54
S-7-$25.00-$390.54-$1.95-$392.50
S-8-$25.00-$417.50-$2.09-$419.58
S-9-$25.00-$444.58-$2.22-$446.81
S-10-$25.00-$471.81-$2.36-$474.17
S-11-$25.00-$499.17-$2.50-$501.66
S-12-$25.00-$526.66-$2.63-$529.30
J-1-$33.33-$562.63-$2.81-$565.44
J-2-$33.33-$598.78-$2.99-$601.77
J-3-$33.33-$635.10-$3.18-$638.28
J-4-$33.33-$671.61-$3.36-$674.97
J-5-$33.33-$708.30-$3.54-$711.84
J-6-$33.33-$745.18-$3.73-$748.90
J-7-$33.33-$782.24-$3.91-$786.15
J-8-$33.33-$819.48-$4.10-$823.58
J-9-$33.33-$856.91-$4.28-$861.20
J-10-$33.33-$894.53-$4.47-$899.00
J-11-$33.33-$932.34-$4.66-$937.00
J-12-$33.33-$970.33-$4.85-$975.18
S-1-$41.67-$1,016.85-$5.08-$1,021.93
S-2-$41.67-$1,063.60-$5.32-$1,068.92
S-3-$41.67-$1,110.58-$5.55-$1,116.14
S-4-$41.67-$1,157.80-$5.79-$1,163.59
S-5-$41.67-$1,205.26-$6.03-$1,211.29
S-6-$41.67-$1,252.95-$6.26-$1,259.22
S-7-$41.67-$1,300.88-$6.50-$1,307.39
S-8-$41.67-$1,349.06-$6.75-$1,355.80
S-9-$41.67-$1,397.47-$6.99-$1,404.46
S-10-$41.67-$1,446.12-$7.23-$1,453.35
S-11-$41.67-$1,495.02-$7.48-$1,502.49
S-12-$41.67-$1,544.16-$7.72-$1,551.88
T-All-$1,400-Interest-$151.88
Compounded Annually Note:
Year-Mo/-Save-Int/-Accum
R-Yr-That Yr-Year-Save
F-12-$200-$0.00-$200.00
S-12-$300-$12.00-$512.00
J-12-$400-$30.72-$942.72
S-12-$500-$56.56-$1,499.28
T-All-$1,400-$99.28
Frosh No interest paid as saved at END of year)
Last Column that was shortened
Accum
Total
$16.75
$33.58
$50.50
$67.50
$84.59
$101.76
$119.02
$136.37
$153.80
$171.32
$188.93
$206.62
$232.78
$259.07
$285.49
$312.04
$338.73
$365.54
$392.50
$419.58
$446.81
$474.17
$501.66
$529.30
$565.44
$601.77
$638.28
$674.97
$711.84
$748.90
$786.15
$823.58
$861.20
$899.00
$937.00
$975.18
$1,021.93
$1,068.92
$1,116.14
$1,163.59
$1,211.29
$1,259.22
$1,307.39
$1,355.80
$1,404.46
$1,453.35
$1,502.49
$1,551.88