Lin wonders how much money she could save over 30 years if she puts $100 at the start of each year into an account with 3% interest per year compounded annually at the end of the year. She calculates the following, but thinks she must have done something wrong since that seems like a lot of money: total amount = 1001-1.330 1-1.3 872, 998.55 What did Lin forget in her calculation? How much should her total amount be? Explain or show your reasoning.

Lin wonders how much money she could save over 30 years if she puts $100 at the start of each year into an account with 3% interest per year compounded annually at the end of the year. She calculates the following, but thinks she must have done something wrong since that seems like a lot of money: total amount = 1001-1.330 1-1.3 872, 998.55 What did Lin forget in her calculation? How much should her total amount be? Explain or show your reasoning.

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

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