You deposit $2,000 in a bank account at the beginning of each year for 10 years.

Question

You deposit $2,000 in a bank account at the beginning of each year for 10 years.

What is the amount just after the tenth deposit if the interest rate has always been 3%?

(2000*(1.03^10−1))/1.03=
(2000*0.343)/0.03=
686/0.03=22866kr

Would that be right?

Answer 1

You deposit $2,000 in a bank account at the beginning of each year for 10 years.

2000(1.03^10 - 1)/(1.03 - 1) = 687.83/.03 = 22927.76