an uncle places a sum of money in a savings account for a nephew when he is born. on each succeeding birthday for the nephew, the uncle deposits $3675. how large was the last deposit?
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3 Comments
OK. I think you are saying that the uncle has deposited a TOTAL of $3,675 over 21 years, with the amount deposited each year equal to $10 more than the previous year.
You want to know the amount of the 21st deposit. Is that correct? If so, here is your answer: $275 (He started with $75 when the nephew was born).
Good luck!
you need to know how many years the deposits were made for as well as the interest rate.
The last deposit was $3675.
Nice trick question there