Geomertric sequence - A bank account earns a constant rate of interest each month. The account was opened on March 1 aith $18,000 in it. On April 1, the balance in the account was $18045.

write explicit rule that can be used to find A (n), the balance after n months.

find the balance after 5 months.

find the balance after 5 years.

Question

Mathematics

Boston Golden

21 March, 17:16

Geomertric sequence - A bank account earns a constant rate of interest each month. The account was opened on March 1 aith $18,000 in it. On April 1, the balance in the account was $18045.

write explicit rule that can be used to find A (n), the balance after n months.

find the balance after 5 months.

find the balance after 5 years.

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Answers (1)

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Johnny Mullen · Answer 1

A₀ = 18 000 (1 + 0.0025) ⁰

A₁ = 18 000 (1 + 0.0025) ¹

A₂ = 18 000 (1 + 0.0025) ²

A (n) = 18 000 (1 + 0.0025) ⁿ

So, after 5 months, A (n) = 18 000 (1 + 0.0025) ⁵ = $18 226.1278 ≈ 18 226.13

5 years is 60 months.

A₆₀ = 18 000 (1 + 0.0025) ⁶⁰ = $20 909.1021 ≈ $20 909.10