Answer
See the answers below.
Work Step by Step
a) Plugging in $n=1$ we get: $I_{1}=100(\frac{1.005^{1}-1}{0.005}-1)\approx 0 $.
Plugging in $n=2$ we get: $I_{2}=100(\frac{1.005^{2}-1}{0.005}-2)\approx 0.5$.
Plugging in $n=3$ we get: $I_{3}=100(\frac{1.005^{3}-1}{0.005}-3)\approx 1.50$.
Plugging in $n=4$ we get: $I_{4}=100(\frac{1.005^{4}-1}{0.005}-4)\approx 3.01$.
Plugging in $n=5$ we get: $I_{5}=100(\frac{1.005^{5}-1}{0.005}-5)\approx 5.03$.
Plugging in $n=6$ we get: $I_{6}=100(\frac{1.005^{6}-1}{0.005}-6)\approx 7.55$.
b) Five years is the same as $5\cdot12=60$ months, thus plugging in $n=60$, we get:
$I_{60}=100(\frac{1.005^{60}-1}{0.005}-60)\approx977$.
