A woman opens a bank account with an initial deposit of
Chapter , Problem 11.6.38(choose chapter or problem)
A woman opens a bank account with an initial deposit of $1000. At the end of each year thereafter, she deposits an additional $1000. (a) The account earns 6% annual interest, compounded annually. Complete Table 11.20. (b) Does the balance of this account grow linearly, exponentially, or neither? Justify your answer. Table 11.20 Years Start-of-year End-of-year End-of-year elapsed balance deposit interest 0 $1000.00 $1000 $60.00 1 $2060.00 $1000 $123.60 2 $3183.60 $1000 3 $1000 4 $1000 5 $1000
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