Question 0403c

Arithmetic and Geometric Progressions (APs, GPs)
GP Application

Question

A bank offers a savings account with a compound interest rate of 6%{6\%} per annum, computed at the end of each year.
Mr. Lee decides to deposit $20{\$20} at the start of every year into the savings account. How much (correct to the nearest dollar), will be inside the account at the end of 30{30} years?

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