Answer:
Step-by-step explanation:
we know that
The simple interest formula is equal to
where
I is the Final Interest Value
P is the Principal amount of money to be invested
r is the rate of interest
t is Number of Time Periods
in this problem we have
substitute in the formula above
solve for t
Answer:
About $1,178,974
Step-by-step explanation:
Alright, the sequence we have right now is:
500,000 550,000 605,000
We want to find the common ratio, so let's divide 550,000 by 500,000 and see if we get the same value as 605,000 divided by 550,000:
550,000/500,000 = 1.1
605,000/550,000 = 1.1
Now, we know that r = 1.1. We also know the first term is: = 500,000.
We use the explicit rule of a geometric sequence:
Here, we want to find , which means that n = 10. We know r and
, so we just plug in these values:
≈
≈
Thus, the answer is about $1,178,974.
Hope this helps!