Solution: If you deposit $100 at the end of every month into an account that pays 3%
Chapter 11, Problem 66(choose chapter or problem)
If you deposit $100 at the end of every month into an account that pays 3% interest per year compounded monthly, the amount of interest accumulated after n months is given by the sequence In 100S 1.0025n 2 1 0.0025 2 nD (a) Find the first six terms of the sequence. (b) How much interest will you have earned after two years?
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