Question

Joe invests $1000 at the start of each year for five years and earns 6.3% simple interest on his investments. How much will all his investments be worth at the start of the fifth year

Answer 1

@KamiBug

Answer 2

at the start of the fifth year means that 4 years have passed.

Answer 3

so basically for this question I am using the Arithmetric Series

Answer 4

yes, pretty much

Answer 5

you are adding the same simple interest every year

Answer 6

ok so

Answer 7

which formula is we using for solving this

Answer 8

okay, the simple expression to calculate for just 4 years would be:
\(\large\color{teal}{ 1000 \times 0.63 \times 4 }\) add this interest to the intial \(\large\color{slate}{ 1000 }\) you have,
\(\large\color{teal}{ 1000+( 1000 \times 0.63 \times 4 ) }\)

Answer 9

you can, if you like to, find the difference, which would be just the interest for a single year:
\(\large\color{teal}{ d=1000 \times 0.63 }\)

Answer 10

is we don't have to used any formula