anonymous
  • anonymous
Write a sequence that represents the amount of money that will accumulate
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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schrodinger
  • schrodinger
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experimentX
  • experimentX
tn = P(1+r/(12*100)^(12*t)
anonymous
  • anonymous
At the end of first month, you will have: P + P*r/12 At the end of second month, you will have: P + 2*P*r/12 + P*r*r/144 At the end of third month, you will have: P + 3*P*r/12 + 2*P*r*r/144 + P*r*r*r/(144*12) Essentially, after n months, you will have: P(1+r/12)^n That is tn, where n is the number of months money is invested.
experimentX
  • experimentX
since it is compounded monthly, we divide the rate by 12 and multiply the time by 12

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experimentX
  • experimentX
sure ... and the t is time in years.

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