Concept explainers
To calculate: The amount of investment worth in 40 years.
Answer to Problem 8P
Total amount of investment is $512000.
Explanation of Solution
Given information: First investment amount $2000 and it becomes double after 5 years
Hence, the geometric sequence
Formula used:
Where, first term,
And common ratio,
Calculation:
Therefore,
Hence, the total amount
Chapter 11 Solutions
Algebra and Trigonometry: Structure and Method, Book 2
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