SOLUTION: madison started a bank account with $200. each year, she earns 5% in interest, which means in the account is multiplied by 1.05 each year.
a) what are the first three terms of
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a) what are the first three terms of
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Question 1137106: madison started a bank account with $200. each year, she earns 5% in interest, which means in the account is multiplied by 1.05 each year.
a) what are the first three terms of this sequence?
b) write an equation to represent this sequence.
c) if madison does not withdraw money from her account, how much will she have in 10 years? Found 2 solutions by addingup, ikleyn:Answer by addingup(3677) (Show Source):
You can put this solution on YOUR website! a) use the formula in b) to calculate 3 years
b) Amount = Principal(1+rt), where r is the interest rate and t is the time in years
c) 200(1+0.05(10)) = 200(1+0.5) = 200 x 1.5 = 300
You can put this solution on YOUR website! .
madison started a bank account with $200. each year, she earns 5% in interest, which means in the account is multiplied by 1.05 each year.
a) what are the first three terms of this sequence?
b) write an equation to represent this sequence.
c) if madison does not withdraw money from her account, how much will she have in 10 years?
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As I read the problem, I understand it totally different from @addingup.
@addingup interprets it as a simple interest rate account = ,
where 'n' is the counter of years.
I interpret it as a compound interest account = .
I think that the cause why we read it differently is that the original formulation is unsatisfactory.
A good/accurate formulation should say "which means that the current value of the account is multiplied by 1.05 each year."
As the problem is worded in the post, it forces me to think that it is created
by a former English teacher, who suddenly decided to earn money as a Math composer.
