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Connor opens a new savings account and deposits 100 on the first day of the month.
Each month after that he will increase his monthly contribution by 1%.
How much is in the account to the nearest dollar, right after Connor makes his last
deposit on the first day of the sixth year (61 month)
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1st month deposit is 100.
2nd month deposit is 100*1.01.
3rd month deposit is 100*1.01^2.
. . . .
61th month deposit is 100*1.01^60.
The total is the sum of the geometric progression with the first term of 100 and the common ratio of 1.01.
Use the standard formula for such sum
= 100*(1 + 1.01 + 1.01^2 + . . . + 1.01^60) = = 8348.636655...
Since I don't know how this monetary system works in that country, I do not round this number.
You can do it on your own after consultations with your professor.
Solved.
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I just fixed my typo from 0.01^2 to 1.01^2.
Do not worry about it.