SOLUTION: I have also been asked to solve this geometric sequence problem and show the work however I am at a standstill with it. Could you help me with figuring this out, so that I can unde

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Question 609833: I have also been asked to solve this geometric sequence problem and show the work however I am at a standstill with it. Could you help me with figuring this out, so that I can understand how to do this type of work?
A person deposited $500 in a savings account that pays 5% annual interest that is compounded yearly. At the end of 10 years, how much money will be in the savings account?
Answer by josmiceli(19441) (Show Source):
You can put this solution on YOUR website!
You can do this the long way without a formula
After 1 year:
in savings account
-----------
After 2 years:

Here's the trick: factor out
from the 1st term:

----------
After 3 years:

Now factor out

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As you can see, the formula is
where is the number of years
After years,

After 10 years, there is $814.33 in the account
check:

OK