document.write( "Question 1208886: 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) \n" ); document.write( "

Algebra.Com's Answer #847398 by ikleyn(52781) $\"\"$ $\"About$

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