Angela currently has an account balance of &4,298.55. She opened the account 15 years ago, with a deposit of $1,987.22. If t
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Answer:Answer:
Step-by-step explanation:
Given the sequence -4,-6,-8..., in order to get sigma notation to represent the sum of the first seven terms of the sequence, we need to first calculate the sum of the first seven terms of the sequence as shown;
The sum of an arithmetic series is expressed as
n is the number of terms
a is the first term of the sequence
d is the common difference
Given parameters
n = 7, a = -4 and d = -6-(-4) = -8-(-6) = -2
Required
Sum of the first seven terms of the sequence
The sum of the nth term of the sequence will be;
The sigma notation will be expressed as . <em>The limit ranges from 1 to 7 since we are to find the sum of the first seven terms of the series.</em>
The future amount is $3697.52, if a a single $2700 deposit in an account with an APR of 4.5% that compounds interest monthly and is invested for 7 years.
Step-by-step explanation:
The given is,
A single deposit amount - $ 2700
APR - 4.5%
( Compounded monthly )
Period - 7 years
Step:1
Formula to find future amount with an APR compounded monthly,
.......................(1)
Where, A - Future amount
P - Initial deposit
r - Interest rate
n - Number of compounding in a year
t - No.of years
From given,
P = $ 2700
r = 4.5%
n = 12 (∵ For monthly n becomes 12 )
t = 7 years
Equation (1) becomes,
A = $3697.52
Result:
The future amount is $3697.52, if a a single $2700 deposit in an account with an APR of 4.5% that compounds interest monthly and is invested for 7 years.