Question

If $95 is put in an account that gets 6% and I add $18 at the end of each year, how much will I have at the end of 11 years?

Answer 1

6% of $95 = $5.70
multiply $5.70 by 11 years = $62.70 <— interest gained over 11 years
multiply $18 by 11 years = $198 <— total added over 11 years
add $95 + $62.70 + $198 = $355.70
there will be a total of $355.70 in your account after 11 years