How much interest will Micah’s collage account earn in year 5? On her grandson Micah's birthday every
year, Mrs. Wilson deposits $50 into a
college savings account for him. The
account pays 5% interest compounded
yearly. The table below shows the account
details for several years.
Micah's College Savings Account
Year
Year's
Interest
Final
Deposits
Subtotal
Earned Balance
1 $50 $50.00 $2.50 $52.50
2 $50
$102.50
$5.13 $107.63
3 $50 $157.63 $7.88 $165.51
4
$50 $215.51 $10.78 $226.29
5 $50 $276.29
6 $50