College Algebra 7th Edition

Published by Brooks Cole
ISBN 10: 1305115546
ISBN 13: 978-1-30511-554-5

Chapter 8, Sequences and Series - Section 8.1 - Sequences and Summation Notation - 8.1 Exercises - Page 601: 77

Answer

See below.

Work Step by Step

a) Plugging in $n=1$ we get: $A_1=2000(1+\frac{0.024}{12})^1\approx2004$. Plugging in $n=2$ we get: $A_2=2000(1+\frac{0.024}{12})^2\approx2008.01$. Plugging in $n=3$ we get: $A_3=2000(1+\frac{0.024}{12})^3\approx2012.02$. Plugging in $n=4$ we get: $A_4=2000(1+\frac{0.024}{12})^4\approx2016.05$. Plugging in $n=5$ we get: $A_5=2000(1+\frac{0.024}{12})^5\approx2020.08$. Plugging in $n=6$ we get: $A_6=2000(1+\frac{0.024}{12})^6\approx2024.12$. b) Three years is the same as $3\cdot12=36$ months, so plugging in $n=36$ we get: $A_{36}=2000(1+\frac{0.024}{12})^{36}\approx2149.16$.
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