Question

James 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. The values follow a geometric sequence. Qhat is the common ratio of the sequence?

Answer 1

The common ratio (r) of a geometric sequence is found dividing two consecutive terms, as follows:

$\begin{gathered} r=\frac{1457}{1428}=1.02 \\ r=\frac{1486}{1457}=1.02 \\ r=\frac{1516}{1486}=1.02 \\ r=\frac{1546}{1516}=1.02 \end{gathered}$

The common ratio of the sequence is 1.02