Asked by adaeze
You deposited 25000# in an account that earns 7% interest compounded monthly.
A)write the first 6terms of the sequence if the initial deposit is excluded
B)find the balance in the account after 5years
A)write the first 6terms of the sequence if the initial deposit is excluded
B)find the balance in the account after 5years
Answers
Answered by
Steve
the nth term is (1 + .07/12)^n
after 5 years, the balance is thus
25000(1+.07/12)^(12*5)
after 5 years, the balance is thus
25000(1+.07/12)^(12*5)
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