Mr. and Mrs. Bailey need to invest $2906.50 so as to send their son to college.
<h3>Compound interest</h3>Compound interest is given by:
where A is the amount after t years, P is initial amount, r is the rate and n is the times compounded per period
Given that n = 1, r = 9% = 0.09, A = $7500 t = 11. Hence:
Mr. and Mrs. Bailey need to invest $2906.50 so as to send their son to college.
Find out more on Compound interest at: brainly.com/question/24924853
Answer:Remember that the general formula of geometric sequence is
where
is the nth term
is the difference
is the place of the term in the sequence
Also, to find we will use the formula:
where
is the current term in the sequence
is the previous term
a) Lets find the three first terms of our sequence to check what type of sequence we have:
We know for our problem that the initial value of the computer is $1250, so our first term is 1250. In other words .
To fin our second term , we are going to subtract 10% of the value to our original value:
and , so
To find our third term we are going to subtract yet again 10% to our current value:
and , so
Now that we have our sequence lets check if we have a consistent to prove we have a geometric sequence:
- with , and :
- with , and :
Look! our s are the same, so we can conclude that we have a geometric sequence.
b) To do this we just need to replece the values of our sequence in the general formula of a geometric sequence. We know from our previous point that and . So lets replace those values in geometric sequence formula to find our explicit formula:
c) To find the value of the computer at the beginning of the 6th year, we just need to find the 6th therm in our geometric sequence:
We can conclude that the value of the computer at the beginning of the 6th year will be $738.1125
Step-by-step explanation:
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