Find the sum of a finite geometric series.

At the beginning of every year, Molly deposits $200 in a savings account that offers an interest rate of 20%, compounded annually. The total amount that Molly will have in her account at the end of 3 years is $?

Question

Mathematics

Tony Trujillo

5 September, 05:02

Find the sum of a finite geometric series.

At the beginning of every year, Molly deposits $200 in a savings account that offers an interest rate of 20%, compounded annually. The total amount that Molly will have in her account at the end of 3 years is $?

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Sherleen · Answer 1

So the savings account has a deposit value of $200 which has an interest rate of 20% and compound every year, base on that, in my calculation, the possible amount that Molly will have to offer in her account at the end of 3 years is $345.6. I hope you are satisfied with my answer and feel free to ask for more

Find the sum of a finite geometric series.At the beginning of every year, Molly deposits $200 in a savings account that offers an interest rate of 20%, compounded annually. The total amount that Molly will have in her account at the end of 3 years is $?

Find the sum of a finite geometric series.

At the beginning of every year, Molly deposits $200 in a savings account that offers an interest rate of 20%, compounded annually. The total amount that Molly will have in her account at the end of 3 years is $?