Slow saving in banks

How long will it take to save € 9,000 by depositing € 200 at the beginning of each year at 2% interest?

Correct answer:

y =  32

Step-by-step explanation:

q=2%=1+2100=1.02 v=200 eur r1=v q=200 1.02=204 eur r2=(r1+v) q=(204+200) 1.02=1030225=412225=412.08 r3=(r2+v) q=(412.08+200) 1.02=624.3216 r4=(r3+v) q=(624.3216+200) 1.02840.808 r5=(r4+v) q=(840.808+200) 1.021061.6242 r6=(r5+v) q=(1061.6242+200) 1.021286.8567 r7=(r6+v) q=(1286.8567+200) 1.021516.5938 r8=(r7+v) q=(1516.5938+200) 1.021750.9257 r9=(r8+v) q=(1750.9257+200) 1.02=1989.9442 r10=(r9+v) q=(1989.9442+200) 1.022233.7431 r11=(r10+v) q=(2233.7431+200) 1.022482.4179 r12=(r11+v) q=(2482.4179+200) 1.022736.0663 r13=(r12+v) q=(2736.0663+200) 1.022994.7876 r14=(r13+v) q=(2994.7876+200) 1.023258.6834 r15=(r14+v) q=(3258.6834+200) 1.023527.8571 r16=(r15+v) q=(3527.8571+200) 1.023802.4142 r17=(r16+v) q=(3802.4142+200) 1.024082.4625 r18=(r17+v) q=(4082.4625+200) 1.024368.1117 r19=(r18+v) q=(4368.1117+200) 1.024659.474 r20=(r19+v) q=(4659.474+200) 1.024956.6634 r21=(r20+v) q=(4956.6634+200) 1.025259.7967 r22=(r21+v) q=(5259.7967+200) 1.025568.9926 r23=(r22+v) q=(5568.9926+200) 1.025884.3725 r24=(r23+v) q=(5884.3725+200) 1.026206.0599 r25=(r24+v) q=(6206.0599+200) 1.026534.1811 r26=(r25+v) q=(6534.1811+200) 1.026868.8648 r27=(r26+v) q=(6868.8648+200) 1.027210.2421 r28=(r27+v) q=(7210.2421+200) 1.027558.4469 r29=(r28+v) q=(7558.4469+200) 1.027913.6158 r30=(r29+v) q=(7913.6158+200) 1.028275.8882 r31=(r30+v) q=(8275.8882+200) 1.028645.4059 r32=(r31+v) q=(8645.4059+200) 1.029022.314 r33=(r32+v) q=(9022.314+200) 1.029406.7603 r34=(r33+v) q=(9406.7603+200) 1.029798.8955 r35=(r34+v) q=(9798.8955+200) 1.0210198.8734  y=32



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