If you deposit 1000 yuan into the bank at the beginning of ten years, the interest rate of the bank is 6%. What is the sum of the interest rate after ten years?

If you deposit 1000 yuan into the bank at the beginning of ten years, the interest rate of the bank is 6%. What is the sum of the interest rate after ten years?

First year: 1000 * (1 + 6%) = 1060.00
The second year: 1000 * (1 + 6%) + 1060.00 * (1 + 6%) = 2183.60
Third year: 1000 * (1 + 6%) + 2183.60 * (1 + 6%) = 3374.62
The same is true
Year 4: 4637.09
The fifth year: 5975.32
The sixth year: 7393.84
The seventh year: 8897.47
Year 8: 10491.32
The ninth year: 12180.79
The tenth year: 13971.64
In financial management, this is a calculation of the final value of annuity, annuity 1000, and the coefficient of the final value of annuity is 13.97164. If the coefficient cannot be found, the result is the same by using Excel formula