Given parameters:
First term of the sequence = x
Second term = x + 2
Third term = x + 4
Sum of the first three terms = 72
Unknown:
First term of the sequence = ?
Solution:
The sum of the first three terms is unknown;
(x) + (x + 2) + (x + 4) = 72
Solve for x;
x + x + 2 + x + 4 = 72
3x + 6 = 72
3x = 72 - 6
3x = 66
x = = 22
The first term of the sequence is 22
Answer:
a. $ 2,431.01 = 4 years
b. $ 4,584.04 = 17 years
c. 4.57 years = $ 2,499.57
d. 8.3 year = $ 2,998.48
e. $ 2,431.01 = 4 years
Step-by-step explanation:
Compound Interest Equation
A = P(1 + r/n)nt
Where:
A = Accrued Amount (principal + interest)
P = Principal Amount
I = Interest Amount
R = Annual Nominal Interest Rate in percent
r = Annual Nominal Interest Rate as a decimal
r = R/100
t = Time Involved in years, 0.5 years is calculated as 6 months, etc.
n = number of compounding periods per unit t; at the END of each period
