35 years, so
35/2 (2*100 + 34*100) = ____
35/2 (2*100 + 34*100) = ____
First, let's calculate the number of years from 2016 (the second year of saving) to 2050: 2050 - 2016 = 34 years.
Since Kay saves $100 in the first year, $200 in the second, and $300 in the third, we can see that this pattern repeats every 3 years.
Next, we need to determine how many times this pattern repeats over the course of 34 years: 34 รท 3 = 11, with a remainder of 1.
Therefore, the pattern repeats 11 times, and there will be an additional year where Kay saves $100.
Now, let's calculate the total savings for each repetition of the pattern:
$100 + $200 + $300 = $600
To find the total savings for 11 repetitions, we multiply the savings for each repetition by the number of repetitions:
$600 ร 11 = $6,600
Finally, we need to add the savings for the additional year: $6,600 + $100 = $6,700.
Therefore, by 2050, Kay would have $6,700 in her RRSP.
The first step is to determine the total number of years between 2015 and 2050.
Number of years = 2050 - 2015 = 35 years
Next, we need to calculate her savings for each year, which increases by $100 every year.
Now, let's calculate Kay's savings for each year, starting from 2015:
Year 2015: $100
Year 2016: $200
Year 2017: $300
Year 2018: $400
...
Year 2049: $3,500
Year 2050: $3,600
To find the total savings, we need to sum up the savings for each year between 2015 and 2050:
Total savings = $100 + $200 + $300 + $400 + ... + $3,500 + $3,600
To find this sum, we can use the arithmetic progression formula:
Sum = (n/2) * (first term + last term)
Since the first term is $100, and the last term is $3,600, and the number of terms (n) is 35, we can calculate the total savings:
Sum = (35 / 2) * ($100 + $3,600)
= 17.5 * $3,700
= $64,750
Therefore, Kay would have $64,750 saved by 2050.