Question

Jeff has been offered a new job which requires that he invests $100

Answer 1

Answer:

At the beginning of 6th month , Jeff will have in his account $ 520 .

Step-by-step explanation:

At the beginning of 6th month , Jeff will have in his account,

$ $( 100 \times (1 + 0.02\times 4) + 100 \times (1 + 0.02 \times 3) + 100 \times (1 + 0.02 \times 2) + 100 \times (1 + 0.02) + 100)$

= $ $(100 \times (5 + 0.02 \times (4 + 3 + 2 + 1)))$

= $ $(100 \times (5 + 0.02 \times 10))$

= $ $(100 \times 5.2)$

= $ 520

since, the $ 100 deposited at the end of 1st month earns interest for 4 months till the end of the 5th month, the $ 100 deposited at the end of the 2nd month earns interest for 3 months and so on till the last $100 deposited earns interest for '0' month.