Question

Many credit card companies charge a compound interest rate of 1.8% per
month on a credit card balance. Miriam owes $550 on a credit card. If she
makes no purchases or payments, she will go more and more into debt.
Which of the following sequences describes her increasing monthly balance?

Answer 1

Answer:

550.00,559.90,569.98,580.24,590.68

Step-by-step explanation:

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Answer 2

The sequence that describes her increasing monthly balance is 550, 559.9, 569.9782, 580.2378.

What is a Geometric Series?

A sequence of numbers such that the consecutive term is increasing or decreasing by a fixed ratio is called a geometric series.

The standard equation for geometric series is

Tₙ = a₁ rⁿ⁻¹

The compound interest per month is 1.8%

The amount she owes $550

The equation which shows her increasing monthly balance is

550 (1.018)ⁿ⁻¹

here n is the no. of month from the month her balance was $550

550, 559.9, 569.9782, 580.2378

To know more about Geometric Series

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