Thanx, I understand that.....BUT, I was merely pointing out that the question is worded improperly.
you start out with 100 and then for 12 MORE months you add 10% (per the question)
'you set aside 100 dollars
'for each month thereafter, you plan to set aside 10% more than the last month for 12 months
So it is a series of 13 payments essentially....first one 100 then twelve more.
It is like saying , in February , I put 100 in the bank....then starting in July I made a deposit of 110
(1st increasing deposit) ...then I did this ELEVEN MORE times for a total of TWELVE more deposits after the 100..... Do you see what I am trying to say? ' for each month thereafter ....for twelve months'
I see in the poster's answer he only made increasing deposits ELEVEN more times....so what the question should say is you start with 100 then for ELEVEN months you add 10% to the previous month's deposit.
Anyway....minor point. Just how I read the question.....but apparently no one else did, so I'll go with the flow......
Thanx .... G'Day !