Essential Mathematics
posted by Logan .
Actually calculate the final amount on $1,000 compounded annually at 6% per year for 4 years?

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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