What I can do INVESTIGATE AND CONCLUDE Read and analyze the situation below. Consider yourself depositing an amount of money in a local bank which offers 5% interest rate compounded annually. If you deposited P10,000 on that bank, how much will you earn after 3 years?
1. What kind of sequence is illustrated in the above situation?
2. If it shows an arithmetic sequence, then what is the common difference? On the other hand, if it shows a geometric sequence, then what is the common ratio? Provide a justification for your answer using any method.
1. What kind of sequence is illustrated in the above situation?
2. If it shows an arithmetic sequence, then what is the common difference? On the other hand, if it shows a geometric sequence, then what is the common ratio? Provide a justification for your answer using any method.
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Answer: Php 260,000
Formula: 10,000÷1+500(5%)^3 (years) −1
Step by step explanation:
10,000÷ 1+{500}^{2}
=10,000÷1+500^2
=10,000÷ 1+250,000
= 10,000+250,000
= 260,000