anonymous
  • anonymous
u guys i have tried everything please helpme... Annuity. A deposit of $100 is made at the beginning of each month in an account that pyas 3% interest, compounded monthly. the balance A in the account at the end of 5 yrs. is given by. A=100(1+0.03/12)^1+.........+100(1+0.03/12)^60 Find A
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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katieb
  • katieb
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dumbcow
  • dumbcow
its a geometric sequence, use the formula for sum of a geometric sequence \[ \frac{a(r^{n}-1)}{r-1}\] a = 1.0025 r=1.0025 n=60
anonymous
  • anonymous
okay thankxs!
anonymous
  • anonymous
for the final answer am i supposed to move the decimal places???? and if so why???? :)

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anonymous
  • anonymous
plz reply? :(
anonymous
  • anonymous
hey dumbcow can u plz help me? plz? :(
dumbcow
  • dumbcow
what do you mean move the decimal places? i guess i did forget to mention that at the end you would multiply by 100 because thats the monthly deposit that can be factored out of the sequence
dumbcow
  • dumbcow
logically if you make 60 $100 deposits, that gives you $6000 plus all the interest earned right

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