A sales associate in a department store earns a commission on each suit and each pair of shoes sold. One week, she earned $47 in
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Assuming convergence of the sequence, we have for some limit
as
. This also means
. So in the above equation, we can substitute and solve for
:
The limit can only be one of these values; otherwise, the sequence would be divergent. To decide which one is correct, we can observe that the sequence is strictly positive. So .
Yearly compound interest is given by the following formula:
A is the total amount after the time period elapses. P is the initial amount invested. r is the interest rate in decimal form, and t is the amount of years that elapse.
The interest rate is 1.5%. Divide by 100 to convert into a decimal:
We now have all of our values to plug into the equation:
After 2 years, Mary will have 12,362.70 euros in her account.
To find the value of the investment, subtract the original amount from the new amount:
The value of the investment is £362.70.
A is the total amount after the time period elapses. P is the initial amount invested. r is the interest rate in decimal form, and t is the amount of years that elapse.
The interest rate is 1.5%. Divide by 100 to convert into a decimal:
We now have all of our values to plug into the equation:
After 2 years, Mary will have 12,362.70 euros in her account.
To find the value of the investment, subtract the original amount from the new amount:
The value of the investment is £362.70.