You start making annual contributions into a savings account. The first year you deposit $30. Because you are given cost of living adjust-ments each year, you decide to increase your deposit by 1% each subsequent year. This account earns 4.45% compounded annually. Set-up a spreadsheet with the following first two rows:

(a) Write out the 5 values you get in the row for Year 20. (b) How many years will it be until you have $10,000? How much interest has accrued at this time?

Year Balance at the Start of Year Interest Payment Balance at the End of Year 1 0 0 30 30