Question

Arithmetic and Geometric Sequences (Context)

Answer 1

The formula for compound interest

A = P( 1 + r/n) ^ (nt)

A is the amount in the account at the end

P is the principal balance or the amount initially invested

r is the annual interest rate in decimal form

n is the number of times it is coupounded per year

t is the number of years

A = 1800 ( 1+ .0375/1) ^ (1*6)

A = 1800 ( 1.0375)^6

A = 2244.92138

Rounding to the nearest cent

A = 2244.92