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You invest in an annuity with a regular deposit of P%-D250 dollars each month. The annuity pays an annual interest rate of r=0.030, compounded monthly (i.e., each month you get an interest payment of i=r/12 times your current balance). As the months pass, your balance in the annuity is described by the sequence: b1=P, b2=P+P(1+i), b3=P+P(1+i)+P(1+iP, b4=P+P(1+i)+P(1+iR+P(1+i8.and so on. In general, your balance at the end of month n is the sum of a geometric sequence. How much is in your annuity after 27 years? (Round your answer to the nearest cent.) Your Answer:

You invest in an annuity with a regular deposit of P%-D250 dollars each month. The annuity pays an annual interest rate of r=0.030, compounded monthly (i.e., each month you get an interest payment of i=r/12 times your current balance). As the months pass, your balance in the annuity is described by the sequence: b1=P, b2=P+P(1+i), b3=P+P(1+i)+P(1+iP, b4=P+P(1+i)+P(1+iR+P(1+i8.and so on. In general, your balance at the end of month n is the sum of a geometric sequence. How much is in your annuity after 27 years? (Round your answer to the nearest cent.) Your Answer:

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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You invest in an annuity with a regular deposit of P-250 dollars each month. The annuity pays an annual interest rate of r=0.030, compounded monthly (i.e., each month you get an interest payment of i=r/12 times your current balance). As the months pass, your balance in the annuity is described by the sequence: b1=P, b2-DP+P(1+i), b3=P+P(1+i)+P(1+i?, b4=P+P(1+i)+P(1+iP+P(1+i)³and so on. In general, your balance at the end of month n is the sum of a geometric sequence. How much is in your annuity after 27 years? (Round your answer to the nearest cent.) Your Answer:
Transcribed Image Text:You invest in an annuity with a regular deposit of P-250 dollars each month. The annuity pays an annual interest rate of r=0.030, compounded monthly (i.e., each month you get an interest payment of i=r/12 times your current balance). As the months pass, your balance in the annuity is described by the sequence: b1=P, b2-DP+P(1+i), b3=P+P(1+i)+P(1+i?, b4=P+P(1+i)+P(1+iP+P(1+i)³and so on. In general, your balance at the end of month n is the sum of a geometric sequence. How much is in your annuity after 27 years? (Round your answer to the nearest cent.) Your Answer:
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