OpenVellumHMAC 13e6e8a865 10010 Do Homework enne chtuendem . Google Chrome Secur
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OpenVellumHMAC 13e6e8a865 10010 Do Homework enne chtuendem . Google Chrome Secure | https//www onld-30& fiushed sfalse&cid; n45305398 Calculus II Online @FCC, Summer 2017 julienne ctuendem 7/26/17 0.14 PM Homework: Section 8.2 Homework Save Score: 0.14 of 1 pt 20of30(30 complete) Score: 94 18%, 28 25 of 30 pt sl 8.2.61-T oeston Help * James begins a savings plan in which he deposits $95 at the beginning of each month into an account Phat eams 63 interest annualy o equivalenly 0 53rmnh Tobe clear onte first day of each rmonth, the bank adds 0 5% ofthe aneet balance as interestandthen Janes depoh IMI44b.hbalanceata account after the nth deposit where Bp-50 Complete parts (a) theough (c) below a.White the first five terms ofthe sequence ) How should the terms of the sequence be found Mit ply the balance of the previous montby he monthly nnerest rate toothen met armoen hmathehensated ound earler to the balance of the previous month to find the balance of this month Multiply the balance of the previous month by the monthly interest rate to n the interest of this month Then add the interest of this month found eader to th previous month to ind the balance of this month earler to the balance of the previous month to find the balance of this month balance of the o Multiply the balance of the previous month by month found e the annually inerest rate to ind the interest of this month Then add the the depout and the interest of this Muiply the balance of the previous month by the monthly interest rate to fnd the interest of this month Then ad the the deposit to the inderest of thi month found earler to ind the balance of this month Do not round until the nalnwer Then round to the nearest cent as needed Enter you 2 Ask meExplanation / Answer
Answer: A)
The balance of the current month will be,
Balance, Bn = Bn-1 + (Bn-1 * 0.% + $95)
where Bn-1 is the previous months balance
therefore we get,
B0 = $0
B1 = 0 + 0*0.05 + 95 = $95
B2 = 95 + 95*0.05 + 95 = $194.75
B3 = 194.75 + 194.75*0.05 + 95 = $299.49
B4 = 299.49+ 299.49*0.05 + 95 = $409.46
B5 = 409.46 + 409.46*0.05 + 95 = $524.93
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