If you invest $500 at 3% compounded monthly for 2 years, how much interest you do earn? Show work.
1 answer:
You might be interested in
Answer:
Step-by-step explanation:
In order to write the series using the summation notation, first we need to find the nth term of the sequence formed. The sequence generated by the series is an arithmetic sequence as shown;
4, 8, 12, 16, 20...80
The nth term of an arithmetic sequence is expressed as Tn = a +(n-1)d
a is the first term = 4
d is the common difference = 21-8 = 8-4 = 4
n is the number of terms
On substituting, Tn = 4+(n-1)4
Tn = 4+4n-4
Tn = 4n
The nth term of the series is 4n.
Since the last term is 80, L = 4n
80 = 4n
n = 80/4
n = 20
This shows that the total number of terms in the sequence is 20
According to the series given 4 + 8 + 12 + 16 + 20+ . . . + 80 , we are to take the sum of the first 20terms of the sequence. Using summation notation;
4 + 8 + 12 + 16 + 20+ . . . + 80 =
Answer:
11, 17, and 28.
Step-by-step explanation:
Lowest number is
Median is
Highest number is