I invest £100 on January 1 each year for 10 years in a certain bank. If the rate of interest is 7%
throughout the whole period, find the total amount in the bank at the end of the 10 year period.
(Write a formula for the total amount in the bank)
[Using Arithmetic and Geometric progression formulae]

Question

I invest £100 on January 1 each year for 10 years in a certain bank. If the rate of interest is 7% 
        throughout the whole period, find the total amount in the bank at the end of the 10 year period.  
        (Write a formula for the total amount in the bank)                                                                     
[Using Arithmetic and Geometric progression formulae]

anonymous · Answer

A/P = (1.07)^10   7% compounded annually for 10 years
geometric progression