A deposit of N100 is made at the beginning of each month in an account that pays 6% interest, compounded monthly. The balance in the account at the end of 5 years is?
A deposit of $100 is made at the beginning of each month in an account that pays 6% interest, compounded monthly. The balance A in the account at the end of 5 years is
The balance A in account at the end of 5 years is,
We can see that,
Now, we can apply the formula for the sum of a finite geometric sequence,
Therefore the balance A in account at the end of 5 years is 7011.89
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