kay is saving for an RSSP. If she saves $100 the first year, $200 the next year and $300 the year after that. If she started this in the year 2015, how much would she have by 2050?
35 years, so
35/2 (2*100 + 34*100) = ____
To find out how much Kay would have by 2050, we need to calculate the total savings over the years.
First, let's calculate the number of years from 2016 (the second year of saving) to 2050: 2050 - 2016 = 34 years.
Since Kay saves $100 in the first year, $200 in the second, and $300 in the third, we can see that this pattern repeats every 3 years.
Next, we need to determine how many times this pattern repeats over the course of 34 years: 34 ÷ 3 = 11, with a remainder of 1.
Therefore, the pattern repeats 11 times, and there will be an additional year where Kay saves $100.
Now, let's calculate the total savings for each repetition of the pattern:
$100 + $200 + $300 = $600
To find the total savings for 11 repetitions, we multiply the savings for each repetition by the number of repetitions:
$600 × 11 = $6,600
Finally, we need to add the savings for the additional year: $6,600 + $100 = $6,700.
Therefore, by 2050, Kay would have $6,700 in her RRSP.
To calculate the amount that Kay would have by 2050, we need to add up the savings she makes each year until that year.
The first step is to determine the total number of years between 2015 and 2050.
Number of years = 2050 - 2015 = 35 years
Next, we need to calculate her savings for each year, which increases by $100 every year.
Now, let's calculate Kay's savings for each year, starting from 2015:
Year 2015: $100
Year 2016: $200
Year 2017: $300
Year 2018: $400
...
Year 2049: $3,500
Year 2050: $3,600
To find the total savings, we need to sum up the savings for each year between 2015 and 2050:
Total savings = $100 + $200 + $300 + $400 + ... + $3,500 + $3,600
To find this sum, we can use the arithmetic progression formula:
Sum = (n/2) * (first term + last term)
Since the first term is $100, and the last term is $3,600, and the number of terms (n) is 35, we can calculate the total savings:
Sum = (35 / 2) * ($100 + $3,600)
= 17.5 * $3,700
= $64,750
Therefore, Kay would have $64,750 saved by 2050.