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| PAGE: 596 | SET: Exercises | PROBLEM: 47 |
Investment of Melissa is 
for every three months.
Annual compound interest is 
.
Quarterly rate is 
.
Value of the investment at the end of first quarter is 
or 
.
Melissa adds $ 
for every three months.
Define the sequence of quarterly investment as 
with 
,
where 
, 
is number of quarters.
Find the total amount after two years.
Two years contains 
quarters.
Thus, find the 8th term in this recursively defined sequence 
.
Consider .
For 
, 
.
For 
, 
.
For 
, 
.
For 
, 
.
For 
, 
.
For 
, 
.
For 
, 
.
Total value of the investment after two years is 
.
Total value of the investment after two years is 
.
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