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28 Sep 2019
John and Peter both want to save some money. John decides to save $1,000 every year in an account that pays 4% interest per year compounded annually. Peter is a little less organized and doesnât get around to depositing money into his savings account, which also pays 4% interest per year compounded annually, until 5 years later. He thinks heâll try and make up the time by depositing $1,400 into the account every year from then on. How much will be in each personâs account at the end of 20 years, counting from when John started saving, compared to the total amount that each person put in?
John and Peter both want to save some money. John decides to save $1,000 every year in an account that pays 4% interest per year compounded annually. Peter is a little less organized and doesnât get around to depositing money into his savings account, which also pays 4% interest per year compounded annually, until 5 years later. He thinks heâll try and make up the time by depositing $1,400 into the account every year from then on. How much will be in each personâs account at the end of 20 years, counting from when John started saving, compared to the total amount that each person put in?
Retselisitsoe PokothoaneLv10
28 Sep 2019
