Find the balance of Sari`s account after 3 months.
Answer to Problem 50SGR
The balance of Sari`s account after 3 months is $115467.75
Explanation of Solution
Given:
Sari has a savings account with a @12000 balance. She has a 5% interest rate that is compounded monthly. Every month Sari adds $500 to the account. The recursive formula
Concept Used:
The recursive formula given:
Since we want to find
Calculation:
The recursive formula given:
Since we want to find
Thus, The balance of Sari`s account after 3 months is $115467.75
Chapter 10 Solutions
Glencoe Algebra 2 Student Edition C2014
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