Can someone help? It has to do with economics:
A person puts $5$k USD in a savings account each year. Inflation is $2.5\%$ each year. Taxes on this person's interest are $24\%$. This savings account pays $2\%$ each year. This person adds $5$k to this account each year. This goes on for $30$ years. What does this person have in interest, interest after taxes, interest and principal after inflation, and principal after reinvestment each year $1-30$?
I tried this:
Year 1: $5,000= Principle year 1 (P)$; $P\cdot .02=Interest year 1 (I)$; $I \cdot .24=Tax year 1 (T$); $T-I=Interest after tax year one (A)$; $A+P=Interest after tax year one + Principle year one (O$); $O+P= Principle year two (T)$; $T \cdot .025= Principle year two after inflation$ . . . I get a bit lost here, how to maybe formalize it further, reiterate it over 30 years