A deposit of $100 is made at the beginning of each month in an account that pays 3%
Chapter 9, Problem 97(choose chapter or problem)
A deposit of $100 is made at the beginning of each month in an account that pays 3% interest, compounded monthly. The balance A in the account at the end of 5 years is given by
\(A=100\left(1+\frac{0.03}{12}\right)^{1}+\cdots+100\left(1+\frac{0.03}{12}\right)^{60}\).
Find A.
Text Transcription:
A = 100(1 + 0.03 /12) ^1 + cdots + 100(1 + 0.03 /12 ) ^60
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