Answer:
4 ⇒ 1061.208
5 ⇒ 1082.43216
6 ⇒ 1104.080803
7 ⇒ 1126.162419
8 ⇒ 1148.685668
Step-by-step explanation:
* Lets explain how to solve the problem
- A person owns $1000 on a credit card
- The card charges an interest rate of 2% per month
- The rule for the future money is [tex]A=P(1 + r)^{n-1}[/tex], where
# A is the future amount
# P is the initial amount in the first month
# r is the interest rate in decimal
# n the number of months
∵ P = 1,000
∵ r = 2/100 = 0.02
∵ The initial amount in the 1st month is 1000 ⇒ n = 1
∵ A = 1,020 in the 2nd month ⇒ n = 2
∵ A = 1,040.40 in the 3rd month ⇒ n = 3
∵ n = 4
∴ [tex]A=1000(1+0.02)^{4-1}=1061.208[/tex]
∴ 4 ⇒ 1061.208
∵ n = 5
∴ [tex]A=1000(1+0.02)^{5-1}=1082.43216[/tex]
∴ 5 ⇒ 1082.43216
∵ n = 6
∴ [tex]A=1000(1+0.02)^{6-1}=1104.080803[/tex]
∴ 6 ⇒ 1104.080803
∵ n = 7
∴ [tex]A=1000(1+0.02)^{7-1}=1126.162419[/tex]
∴ 7 ⇒ 1126.162419
∵ n = 8
∴ [tex]A=1000(1+0.02)^{8-1}=1148.685668[/tex]
∴ 8 ⇒ 1148.685668
