Ben initially deposited PhP500,000 in a bank that offers an interest rate of 5% compounded annually. The money, as long as it is invested in this bank, grows according to the following pattern: Time (in years) 0 1 2 3 Amount 500,000 525,000 551,250 578,812.5 If this pattern continues, how much money will the businessman receive on the 6. 15th year? * a. a15 = 525,000(1.05)¹² b. a15 = 525,000(1.05)¹³ c. a15 = 525,000(1.05)¹⁴ d. a15 = 525,000(1.05)¹⁵
Ben initially deposited PhP500,000 in a bank that offers an interest rate of 5% compounded annually. The money, as long as it is invested in this bank, grows according to the following pattern: Time (in years) 0 1 2 3 Amount 500,000 525,000 551,250 578,812.5 If this pattern continues, how much money will the businessman receive on the 6. 15th year? * a. a15 = 525,000(1.05)¹² b. a15 = 525,000(1.05)¹³ c. a15 = 525,000(1.05)¹⁴ d. a15 = 525,000(1.05)¹⁵
Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.59TI: New grandparents decide to invest 3200 per month in an annuity for their grandson, The account will...
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Ben initially deposited PhP500,000 in a bank that offers an interest rate of 5% compounded annually. The money, as long as it is invested in this bank, grows according to the following pattern: Time (in years) 0 1 2 3 Amount 500,000 525,000 551,250 578,812.5 If this pattern continues, how much money will the businessman receive on the 6. 15th year? *
a. a15 = 525,000(1.05)¹²
b. a15 = 525,000(1.05)¹³
c. a15 = 525,000(1.05)¹⁴
d. a15 = 525,000(1.05)¹⁵
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