Ahigh interest savings account pays 5.5% interest compounded annually. if $300 is deposited initially and again at the first of each year, which summation represents the money in the account 10 years after the initial deposit

.The amount of $300 is deposited in the account for 10 years from the date of initial deposit.

The Interest rate in the account is 5.5%

Total summation of money in the account after 10 years is given by the following equation = 300 * ((1.055)^10 - 1 ) / 0.055 * ( 1 + 0.055 )

= 300 * (.0.708144)/0.055 * 1.055

= 4075.05

Total money in account after 10 years is $ 4075.05

The Summation sign that can be used to express the equation is

∑3000*(1.055 )^x , where x assumes values from 1 to 10