Question

Jimmy’s dad gave him $100 on his birthday, which is January 1. Jimmy deposited the $100 in his savings account the same day. At the beginning of every month thereafter, Jimmy decides to deposit three times the amount he did in the previous month. On June 15 of the same year, how much will be in Jimmy’s account?

Answer 1

Amount of money deposited by Jimmy on January 1 = $100
He will deposit 3 times the amount deposited during the previous month.
Amount of money deposited by Jimmy on February 1 = $300
Amount of money deposited by Jimmy on March 1 = $900
Amount of money deposited by Jimmy on April 1 = $2700
Amount of money deposited by Jimmy on May 1 = $8100
Amount of money deposited by Jimmy on June 1 = $24300
Then
On June 15 of the same year, the amount of money that will be in Jimmy's account = (100 + 300 + 900 + 2700 + 8100 + 24300) dollars
              = $36400