Question

In January, you deposit $150 into your checking account. Every month after that, you deposit 10% more than you did the month before. How much did you deposit in August?

Answer 1

This is a geometric sequence of the form:

a(n)=ar^(n-1) in this case a=150, r=1.1

a(n)=150(1.1)^(n-1) August is the eighth month so

a(8)=150(1.1)^7

a(8)=292.307565

So you deposited $292.31 (to the nearest cent) in August.