You started a job and got paid at the end of the month and decided to put P1000.00 from each paycheck into a special account. Suppose that account is earning annual interest rate of 3% compounded monthly, how much will be in the account at the end of a year? 1. Find the nth term of your earnings. 2. How much will the P1000.00 deposited at the end of 10th month and its interest be worth at the end of the year?

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 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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SCAFFOLD 2:
You started a job and got paid at the end of the month and decided to put
P1000.00 from each paycheck into a special account. Suppose that account is
earning annual interest rate of 3% compounded monthly, how much will be in the
account at the end of a year?
1. Find the nth term of your earnings.
2. How much will the P1000.00 deposited at the end of 10th month and its
interest be worth at the end of the year?
3. What do you notice about the sequence?
4. Describe how to calculate the amount of the money you will have at the end
of 12 months.
Transcribed Image Text:SCAFFOLD 2: You started a job and got paid at the end of the month and decided to put P1000.00 from each paycheck into a special account. Suppose that account is earning annual interest rate of 3% compounded monthly, how much will be in the account at the end of a year? 1. Find the nth term of your earnings. 2. How much will the P1000.00 deposited at the end of 10th month and its interest be worth at the end of the year? 3. What do you notice about the sequence? 4. Describe how to calculate the amount of the money you will have at the end of 12 months.
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