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Math Help - John deposits

  1. #1
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    John deposits

    John deposits 13.000 usd in the bank. The annual rate is 13% the first year, 14% in the second and third year and 12% the forth and fifth year.
    How much money will he have in the bank in 5 years?
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  2. #2
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    Quote Originally Posted by hemmisis View Post
    John deposits 13.000 usd in the bank. The annual rate is 13% the first year, 14% in the second and third year and 12% the forth and fifth year.
    How much money will he have in the bank in 5 years?
    13(1.13)+13(1.13)(1.14)+13(1.13)(1.14)^2+13(1.13)(  1.14)^2(1.12)+13(1.13)(1.14)^2(1.12)^2 =13[(1.13)+(1.13)(1.14)+(1.13)(1.14)^2+(1.13)(1.14)^2(  1.12)+(1.13)(1.14)^2(1.12)^2]=\cdots
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  3. #3
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    13 * 1.13 * 1.14^2 * 1.12^2
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