A savings account is opened with $15 and increases monthly by 20%. Complete the graph of the geometric sequence by labeling the points.
To complete the graph of the geometric sequence, we need to find the subsequent terms of the sequence.
The first term is given as $15, and it increases by 20% monthly. Since the increase is a percentage, we can calculate the subsequent terms by multiplying the previous term by 1 plus the percentage increase.
To find the second term, we multiply $15 by 1 + 0.20 = 1.20. This gives us:
Second term = $15 * 1.20 = $18
To find the third term, we multiply the second term ($18) by 1.20:
Third term = $18 * 1.20 = $21.60
We can continue this process to find the subsequent terms.
Fourth term = $21.60 * 1.20 = $25.92
Fifth term = $25.92 * 1.20 = $31.10
Now, we can plot the points on the graph:
Point 1: (month 1, $15)
Point 2: (month 2, $18)
Point 3: (month 3, $21.60)
Point 4: (month 4, $25.92)
Point 5: (month 5, $31.10)
We can then connect the points on the graph to complete the geometric sequence.