The following is an arithmetic sequence. 5, 6, 7, 8 true false

Mathematics

1 answer:

Olegator [25]3 years ago

7 0

This is an arithmetic sequence

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Molly opened a savings account with a one‐time deposit of $100 that will be left in the account for at least 5 years. The saving

Anettt [7]

The amount of interest Molly will earn after 5 years on a deposit of $\$100$ compounded annually over 5 years is $\$27.63$

First, we need to find the future value of her investment, then we subtract the original deposit from it to get the amount of interest she will get at the end of 5 years.

The future value of an investment that is compounded annually is given by

$A=P(1+r)^t$

where

$A=\text{Amount of money in Molly's account after 5 years}\\P=\text{Molly's initial deposit into her account}=\$500\\r=\text{The annual interest rate as a decimal}=0.05\\t=\text{The time the money is invested (in years)}=5$