Maria invests 1500$ into an account with a 2% annual rate. Compounded annually the value of her account is given by A=1500(1.02)
t, where t is the number of years invested. If interest is compounded monthly which of the following represents the value of Maria’s investment.
Answers are the pic
Answers are the pic
2 answers:
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Notice that
13 - 9 = 4
17 - 13 = 4
so it's likely that each pair of consecutive terms in the sum differ by 4. This means the last term, 149, is equal to 9 plus some multiple of 4 :
149 = 9 + 4k
140 = 4k
k = 140/4
k = 35
This tells you there are 35 + 1 = 36 terms in the sum (since the first term is 9 plus 0 times 4, and the last term is 9 plus 35 times 4). Among the given options, only the first choice contains the same amount of terms.
Put another way, we have
but if we make the sum start at k = 1, we need to replace every instance of k with k - 1, and accordingly adjust the upper limit in the sum.