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Suppose Javier invests $150 every 3 months into an account that pays 4% annual interest compounded quarterly. Provide a list of the account balance for the first 4 quarters. Is this an example of an arithmetic or geometric sequence?
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Explanation & Answer
Quarter | Investment | BoP Balance | Interest | EoP Balance |
0 | $150.00 | $150.00 | $1.50 | $151.50 |
1 | $150.00 | $301.50 | $3.02 | $304.52 |
2 | $150.00 | $454.52 | $4.55 | $459.06 |
3 | $150.00 | $609.06 | $6.09 | $615.15 |
4 | $150.00 | $765.15 | $7.65 | $772.80 |
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