A deposit of $100 is made in an account at the beginning of each month at an annual interest rate of 3% compounded monthly. The balance in the account after n months is An = 100(401)[(1.0025)n − 1]. (a) Compute the first six terms of the sequence {An}. (b) Find the balance in the account after 5 years by computing the 60th term of the sequence. (c) Find the balance in the account after 20 years by computing the 240th term of the sequence.

Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter10: Sequences, Series, And Probability
Section10.3: Geometric Sequences
Problem 82E
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A deposit of $100 is made in an account at the beginning of each month at an annual interest rate of 3% compounded monthly. The balance in the account after n months is An = 100(401)[(1.0025)n − 1]. (a) Compute the first six terms of the sequence {An}. (b) Find the balance in the account after 5 years by computing the 60th term of the sequence. (c) Find the balance in the account after 20 years by computing the 240th term of the sequence.

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