Monday
April 21, 2014

Homework Help: Calculus

Posted by Jenny on Monday, February 11, 2013 at 6:03pm.

A deposit of $1000 is made at the beginning of each month in an account at an annual interest rate of 3% compounded monthly. The balance in the account after n months is
An = 1,000(401)(1.0025^n - 1).

(a) Compute the first six terms of the sequence {An}.

(b) Find the balance in the account after 5 years by computing the 60th term of the sequence.

(c) Find the balance in the account after 30 years by computing the 360th term of the sequence.

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

calculus - an amount of 1000 is deposited in a bank that pays 8% interest/year ...
math - You need $28,974 at the end of 10 years, and your only investment outlet ...
accounting - You need $28,974 at the end of 10 years, and your only investment ...
computer science - When $1000 is deposit at 5% simple interest, the amount grows...
Math - You deposit $1000 in an account at the Lifelong Trust Savings and Loan ...
annuaties - Mr. Strupp expects to retire in 12 years. Beginning one month after ...
math,help - what formula do i use for the following problem: which of the ...
Visual Basic 2008 Programming - Help! I'm not sure how to start or how calculate...
Finance - You deposit $1000 for 5 years at 4% annual interest. In 5 years, you ...
finance - You deposit $1000 at 2% for 20 years. What's the future value?

Search
Members