Question
Suppose you deposit $10,000 into an account earning 3.5% interest compounded quarterly. After n quarters the balance in the account, we have this formula:
Suppose you deposit $10,000 into an account earning 3.5% interest compounded quarterly. After n quarters the balance in the account, we have this formula: 10000 (1 +0.03)" 4 a) Each quarter can be viewed as a term of a sequence. List the first 5 terms. b) Identify the type of sequence this is. Explain. c) Find the balance in the account after 30 quarters.
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Financial Management Core Concepts
Authors: Raymond M Brooks
2nd edition
132671034, 978-0132671033
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