Step-by-step Answer
PAGE: 596SET: ExercisesPROBLEM: 47
Please look in your text book for this problem Statement

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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