Question

Checkpoint 062 of 92 of 9 QuestionsQuestionJames deposited some money into a savings account to save for a motorcycle. Based on the interest rate of the account, he estimates that his money will grow according to the following table. Years Value 1 $1428 2 $1457 3 $1486 4 $1516 5 $1546 The values follow a geometric sequence. What is the common ratio of the sequence?Enter your answer as a decimal rounded to two decimal places, if necessary, like this: 42.53

Answer 1

The common ratio of the sequence : r = 1.02

Explanation:

Formula to find the ratio for the geometric sequence :

$r\text{ = }\frac{a_2}{a_1}\text{ = }\frac{a^{n+1}}{a^n}$$r\text{ = }\frac{1457}{1428}\approx\frac{1486}{1457}\text{ }\approx\ldots.\approx1.2$