James deposited some money into a savings account to save for a motorcycle. Based on the interest rate of the account, he estimates that his money will grow according to the following table.
Years Value
1 $1428
2 $1457
3 $1486
4 $1516
5 $1546
The values follow a geometric sequence. What is the common ratio of the sequence?
4 answers
Have you considered dividing a value by its previous one ??
I tried and got 1.01, but I don't know if it is correct
1457/1428 = 1.0203..
1486/1457 = 1.0199..
1516/1486 = 1.0202
1546/1516 = 1.0198
looks like about 1.02 to me, all the monies are rounded to the nearest dollar.
1486/1457 = 1.0199..
1516/1486 = 1.0202
1546/1516 = 1.0198
looks like about 1.02 to me, all the monies are rounded to the nearest dollar.
Thank you so much!!!