You make this equation sound simple, but it's not, I challenge you to solve it.
Here is the question:
John puts $100 in a bank account that pays 15% interest per year.John receives interest in another account every year, he uses 5% of that interest every year, and reinvest the remaining 95% of the interest in the bank account every year.After 10 years, how much would john have in his bank account.
Please also write the formula used to calculate this.
The formula for calculating amount of compound interest is A = P (1 + R) ^ y
But in this case, john also withdraws 5% from the interest, so, how the formula would be.