Kiran plans to save $200 per year. Bank A would pay 6% interest, and Bank B would pay 4% interest (both compounded annually). How many years will it take to save $10,000 if he uses Bank A? Bank B?
Find the sum of the first 20 terms of each sequence:
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Problem 3
Student Task Statement
Diego wonders how much money he could save over 25 years if he puts $150 a year into an account with 4% interest compounded annually (once per year). He calculates the following, but thinks he must have something wrong, since he ended up with a very small amount of money:
What did Diego forget in his calculation? How much should his total amount be? Explain or show your reasoning.
