u guys i have tried everything please helpme...
Annuity. A deposit of $100 is made at the beginning of each month in an account that pyas 3% interest, compounded monthly. the balance A in the account at the end of 5 yrs. is given by.
A=100(1+0.03/12)^1+.........+100(1+0.03/12)^60
Find A

Question

u guys i have tried everything please helpme...
Annuity. A deposit of $100 is made at the beginning of each month in an account that pyas 3% interest, compounded monthly. the balance A in the account at the end of 5 yrs. is given by.
A=100(1+0.03/12)^1+.........+100(1+0.03/12)^60
  Find A

dumbcow · Answer

its a geometric sequence, use the formula for sum of a geometric sequence
$$ \frac{a(r^{n}-1)}{r-1}$$
a = 1.0025
r=1.0025
n=60

anonymous · Answer

okay thankxs!

anonymous · Answer

for the final answer am i supposed to move the decimal places???? and if so why???? :)

anonymous · Answer

plz reply? :(

anonymous · Answer

hey dumbcow can u plz help me? plz? :(

dumbcow · Answer

what do you mean move the decimal places?

i guess i did forget to mention that at the end you would multiply by 100 because thats the monthly deposit that can be factored out of the sequence

dumbcow · Answer

logically if you make 60 $100 deposits, that gives you $6000 plus all the interest earned right