A deposit of $50 is made at the beginning of each month in an account that pays 2%
Chapter 9, Problem 98(choose chapter or problem)
A deposit of $50 is made at the beginning of each month in an account that pays 2% interest, compounded monthly. The balance A in the account at the end of 6 years is given by
\(A=50\left(1+\frac{0.02}{12}\right)^{1}+\cdots+50\left(1+\frac{0.02}{12}\right)^{72}\).
Find A.
Text Transcription:
A = 50(1 + 0.02 /12) ^1 + cdots + 50(1 + 0.02 /12) ^72 .
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