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(52777)![]() ![]() You can put this solution on YOUR website! . \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) \n" ); document.write( "~~~~~~~~~~~~~~~~~~~~~~~~~\r \n" ); document.write( " \n" ); document.write( "\n" ); document.write( " \r\n" ); document.write( "1st month deposit is 100.\r\n" ); document.write( "\r\n" ); document.write( "2nd month deposit is 100*1.01.\r\n" ); document.write( "\r\n" ); document.write( "3rd month deposit is 100*1.01^2.\r\n" ); document.write( "\r\n" ); document.write( ". . . . \r\n" ); document.write( "\r\n" ); document.write( "61th month deposit is 100*1.01^60.\r\n" ); document.write( "\r\n" ); document.write( "\r\n" ); 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" ); document.write( "\r\n" ); document.write( "\r\n" ); document.write( "\r \n" ); document.write( "\n" ); document.write( "Solved.\r \n" ); document.write( " \n" ); document.write( " \n" ); document.write( "\n" ); document.write( "///////////////////////\r \n" ); document.write( " \n" ); document.write( " \n" ); document.write( "\n" ); document.write( "I just fixed my typo from 0.01^2 to 1.01^2.\r \n" ); document.write( " \n" ); document.write( "\n" ); document.write( "Do not worry about it.\r \n" ); document.write( " \n" ); document.write( " \n" ); document.write( "\n" ); document.write( " \n" ); document.write( " |