Wednesday, April 20, 2011

Hi I need help with the question below, I need to use arithmetic sequences to solve the question! "Mandy's friend Hahn deposited $200 in a bank...

Hello!


Let's find the month interest rate then the year (simple) interest rate will be


There are full months elapsed till the end of June. The entire amount deposited is So the profit is


At the first month the profit was At the second, ($200 was deposited two times). Then and so on, up to (including). This is an arithmetic sequence, each term is $200 greater than the previous.


We want to find the sum of an arithmetic sequence with terms, whose first term is and the last is


The formula is 


here it is 


And this is the profit, it is equal to So It is the same as (monthly). Yearly it is



The answer: the annual rate of simple interest is 1.8%.

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