# Essential Mathematics

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Actually calculate the final amount on \$1,000 compounded annually at 6% per year for 4 years?

• Essential Mathematics -

At 6%, the total amount after one year is 6%+100%=106% or 1.06.

Beginning of first year
\$1000
End of first year
\$1000*1.06=\$1060
End of second year:
\$1000*1.06^2
\$1060*1.06=\$1123.60
End of third year:
\$1000*1.06^3
=\$1123.6*1.06=\$1191.02

Can you take it from here?

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