Question

For retirement, you decide to deposit $2438 at the end of each year and you will increase your deposit by $135 per year. How much will you have at the end of 30 years if the bank pays 2% compounded annually?

Answer 1

Deposit = Previous year deposit + $135

Balance = Total amount of privous year + deposit

Interest = Balance * 2%

Total amount = Balance + Interest

year	deposit	Balance	Interest earned	total amount
1	2438	2438.00	48.76	2486.76
2	2573	5059.76	101.20	5160.96
3	2708	7868.96	157.38	8026.33
4	2843	10869.33	217.39	11086.72
5	2978	14064.72	281.29	14346.02
6	3113	17459.02	349.18	17808.20
7	3248	21056.20	421.12	21477.32
8	3383	24860.32	497.21	25357.53
9	3518	28875.53	577.51	29453.04
10	3653	33106.04	662.12	33768.16
11	3788	37556.16	751.12	38307.28
12	3923	42230.28	844.61	43074.89
13	4058	47132.89	942.66	48075.54
14	4193	52268.54	1045.37	53313.91
15	4328	57641.91	1152.84	58794.75
16	4463	63257.75	1265.16	64522.91
17	4598	69120.91	1382.42	70503.33
18	4733	75236.33	1504.73	76741.05
19	4868	81609.05	1632.18	83241.23
20	5003	88244.23	1764.88	90009.12
21	5138	95147.12	1902.94	97050.06
22	5273	102323.06	2046.46	104369.52
23	5408	109777.52	2195.55	111973.07
24	5543	117516.07	2350.32	119866.39
25	5678	125544.39	2510.89	128055.28
26	5813	133868.28	2677.37	136545.65
27	5948	142493.65	2849.87	145343.52
28	6083	151426.52	3028.53	154455.05
29	6218	160673.05	3213.46	163886.51
30	6353	170239.51	3404.79	173644.30

At the end of 30 years value will be $173,644.30