Answer: In the end, you will have $5,638,824,951,226
Step-by-step explanation:
I solved this by using Google Sheets to do the math for me (sheets.new). Here is how I did it...
Pictures of each step in the attachments.
1.) Insert your initial deposit into cell A1.
2.) In cell A2, type =A1 * 1.06. This represents adding 6% of your initial deposit to itself.
3.) In cell A3, type =(150+A2)*1.06. This represents adding $150 on top of calculating interest afterwards.
4.) Hold click on the small box in the right hand corner of cell A3, and drag down all the way to cell A36. This will automatically calculate all of your values for 36 months, or 3 years.
5.) In cell A37, add the equation =A36*1.06, as we are no longer adding $150 every month.
6.) Finally, drag the small box in the bottom right of cell A37 all the way down to cell A372. This box represents having the money sit for an additional 336 months, or 28 years.
I could only add a maximum of 5 images, so step 6 is similar to step 4's picture.
