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Math

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Imagine you have invested $500 in an account that pays 5% simple interest per year. Can you find an arithmetic sequence to look for the amount of money in the account after 20 years?

  • Math - ,

    since it is simple interest, the annual increase in the account would be .05(500) or $25

    so in an A.S.
    a = 500
    d = 25
    n = 20

    term(20) = a+19d = 500 + 19(25) = 975

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