Question

Toms banks baleances at the end of the months 1,2,3 are 1600 ,1664,1730.56 what will toms balance be at the end of month 5

Answer 1

Tom's balance at the end of month 5 = 1,871.77

Explanation:

a = 1600

ar = 1664

ar² = 1730.56

common ratio, r = ar/a

= 1664/1600

= 1.04

r = 1.04

what will toms balance be at the end of month 5

Month 5 = ar⁴

= 1600 * 1.04⁴

= 1600 * 1.16985856

= 1,871.773696

Approximately 1,871.77

Tom's balance at the end of month 5 = 1,871.77