Kimberly has just started her first job and decides to begin saving for a car. She opens a savings account on October 1, 2003 with a deposit of 190 dollars, and will continue to make deposits of the same amount at the beginning of each month until October 1, 2007, when she will make the final deposit. If the account pays a nominal rate of interest of 12 percent convertible monthly, how much is in the account on October 1, 2011, (when Kimberly will use this money as a down payment for a car)?

Kimberly has just started her first job and decides to begin saving for a car. She opens a savings account on October 1, 2003 with a deposit of 190 dollars, and will continue to make deposits of the same amount at the beginning of each month until October 1, 2007, when she will make the final deposit. If the account pays a nominal rate of interest of 12 percent convertible monthly, how much is in the account on October 1, 2011, (when Kimberly will use this money as a down payment for a car)?

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter9: Sequences, Probability And Counting Theory

Section9.4: Series And Their Notations

Problem 57SE: Karl has two years to save $10000 to buy a used car when he graduates. To the nearest dollar, what...

See similar textbooks