Uncle Fred decides that he needs a 3rd Arduino-Bot to complete his fleet
Uncle Fred decides that he needs a 3rd Arduino-Bot to complete his fleet.a. If the giant robot will cost $20,000 to build, how many years will it take him to save the money if he saves$1,000 per year with an interest rate of 6% compounded annually? Assume he puts the first $1,000 in thebank at the end of the first year. b. Let’s look deeper at the answer of 13.53 years provided in part a. How much will Uncle Fred have in the bank immediately after making his deposit at the end of year 13? c.If he does not make another deposit in the savings account, how much will he have at the end of year 14? Assume annual compounding as before. $
