Concept explainers
To find: the value of the investment at the end of the year.
Answer to Problem 10MCQ
Explanation of Solution
Given:
The interest is compound each quarter so,
Concept used:
If there is common ratio then the series is geometric series.
Common ratio is:
Calculation:
According to the given that
The interest is compound each quarter so,
The common ratio
The first term
Therefore, the balance of the account at the end of the first quarter is
Apply for the formula for the sum of the geometric series.
For the end of the years,
Total savings of him is:
Hence,
Chapter 12 Solutions
Advanced Mathematical Concepts: Precalculus with Applications, Student Edition
Additional Math Textbook Solutions
Thomas' Calculus: Early Transcendentals (14th Edition)
University Calculus: Early Transcendentals (3rd Edition)
Calculus and Its Applications (11th Edition)
Single Variable Calculus: Early Transcendentals (2nd Edition) - Standalone book
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