John deposited $2860 in a bank that pays 9% interest, compounded monthly. Find the amount he will have at the end of 3 years.
1 answer:
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Answer:
b) diverges
Step-by-step explanation:
Given is a series with the terms
We find that this series follows a pattern such that each term is multiplied by 5/3 to get the next term.
In other words, this is a geometric series with I term=25/3 and common ratio=5/3
Sum of geometric series upto n terms
=
Since r>1, we find that this series diverges to infinity
Hence answer is
B) divergent