# Tag Info

Look this is just a geometric sum: Assume interest is paid monthly at rate $r = 0.08/12$ (you can use the exact monthly equivalent if you want) and let $x_n =$total after $n$ months (including that month's interest and deposit). So $x_0= 100$ and $x_{n+1} = x_n(1+r) + d$, where $d = 5$ is your deposit amount (added at the end of the month). Applying the ...