Question:
Answer: Assuming the interest is per annum and compounded, i.e. added to the principal ($100,000) each year - as it generally is in real life), you have: Year 1: 105,000.00 Year 2: 110,250.00 Year 3: 115,762.50 Year 4: 121,550.62 Year 5: 127,628.15 Year 6: 134,009.56 Year 7: 140,710.04 Year 8: 147,745.54 Year 9: 155,132.82 Year 10: 162,889.46 So at the end of the 10th year you have $162,889.46. The principal is $100,000 and the interest is $62,889.46 How: Multiply the principal by 1.05, and make the result the principal for the next year.
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