Chapter 10.3, Problem 25MS

Adding up the bucks (H). You have a job every summer. Most of your earni ngs go to help pay your college expenses, but you save some money each year. Suppose you start at age 16, and each summer for six years on August 31, you put $500 into a savings account that pays 5% interest on August 30 of the following year. How much money do you have in your savings account on August 30 when you’re 17? How much do you have the next day after your annual deposit? How much is there in your account on August 30 when you’re 18? When you’re 19? When you’re 20? When you’re 21?