Chapter 9.1, Problem 67E

### Calculus

10th Edition
Ron Larson + 1 other
ISBN: 9781285057095

Chapter
Section

### Calculus

10th Edition
Ron Larson + 1 other
ISBN: 9781285057095
Textbook Problem

# Compound Interest Consider the sequence { A n } whose n th term is given by A n = P ( 1 + r 12 ) n where P is the principal. A n is the account balance after n months, and r is the interest rate compounded annually.(a) Is { A n } a convergent sequence? Explain.(b) Find the first 10 terms of the sequence when P = $10 , 000 and r = 0.055 . (a) To determine To calculate: Whether the sequence {An} whose nth term given as An=P(1+r12)n is convergent or not. Explanation Given: The sequence, An=P(1+r12)n where r is the rate of interest, P is the principal and An is the account balance after n months. Calculation: Consider the following sequence An=P(1+r12)n where r is the rate of interest, P is the principal and An is the account balance after n months (b) To determine To calculate: The first 10 terms of the sequence An=P(1+r12)n for P=$10,000 and r=0.055.

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