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10th Edition

Ron Larson + 1 other

ISBN: 9781285057095

Textbook Problem

Compound Interest 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

(a) Compute the first six terms of the sequence

(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.

**(a)**

To determine

**To calculate:** The first six terms of the sequence *n* months is

Explanation

**Given:**

Principal amount is *n* months is

**Calculation:**

Consider the account balance,

The first six terms of this sequence are,

For

In the first month,

In the second month,

**(b)**

To determine

**To calculate:** The balance in the account after 5 years.

**(c)**

To determine

**To calculate:** The balance in the account after

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