Question

Each year a salesperson is paid a bonus of $2000 which is banked into the same account. It earns a fixed rate of interest of 6% p.A. With interest being paid annually. The total amount in the account at the end of each year is calculated as follows:

Answer 1

Answer:

Each year a salesperson is paid a bonus of $2000 which is banked into the same account. It earns a fixed rate of interest of 6% p.a. with interest being paid annually. The amount at the end of each year in the account is calculated as follows: A0=2000A1=A0×1.06+2000A2=A1×1.06+2000etc