The maturity value of a 30-day loan of $650 is $660. What is the annual simple interest rate (in percent) on this loan? Round to
1 answer:
You might be interested in
Answer:
The sum of the given series is 1023
Step-by-step explanation:
Geometric series states that a series in which a constant ratio is obtained by multiplying the previous term.
Sum of the geometric series is given by:
where a is the first term and n is the number of term.
Given the series:
This is a geometric series with common ratio(r) = 2
We have to find the sum of the series for 10th term.
⇒ n = 10 and a = 1
then;
Therefore, the sum of the given series is 1023