2) Michael wants to have some money set aside for 20 years from now and he has presently corne into some money because he got some inheritance money. If he wants to have $80,000 in 20 years,
how much money does he have to set aside now if he found an account that will pay 5.17% annual
interest? *

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adot1

28.09.2020

Mathematics

3is the 1st term, 9 is the 2nd term, 27 is the 3rd term so then4th term: 27 x 3 = 815th term: 81 x 3 = 2436th term: 243 x 3 = 7297th term: 729 x 3 = 2,187 you can use the explicit formula

an=a1⋅rn−1, where an is the nth term, a1 is the first term, n is the number of the term, and r is the common ratio

so a7=3⋅37−1a7=3⋅36a7=3⋅729a7=2,187

both ways get you to the same answer that the 7th term in that geometric sequence is 2, 187 .

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2) Michael wants to have some money set aside for 20 years from now and he has presently corne into some money because he got some inheritance money. If he wants to have $80,000 in 20 years, how much money does he have to set aside now if he found an account that will pay 5.17% annual interest? *