Arithmetic Sequence
What is the arithmetic sequence formula?
an = a1 + (n-1)d
What is the simple interest formula?
I=Prt
B=P (〖1+r/n)〗^((n)(t))
Mitchell has a balance of $1,200 in his First State Bank checking account. He deposits a $387.89 paycheck, a $437.12 dividend check, and a personal check for $250 into his account. He wants to receive $400 in cash. How much will he have in his account after the transaction?
1,875.01
What does e represent in the Continuous Compound Interest Formula?
e=exponential base or 2.718
Max has $17 in a fund he is creating to save for a bike. He adds $6 per week of his babysitting earnings to the fund. If his weekly fund balance is represented by an arithmetic sequence, find the 27th term.
$173
How much simple interest is earned on $6,000 at an interest rate of 2.25% in 4 1/2 years?
$607.50
What would be the ending balance on $2,000, compounded annually, in two years at the rate of 1.2%?
$2,048.29
Conrad Savings Bank has a $50 overdraft fee. On Friday, Mr. McQuire deposited his paycheck of $468.92 for a total account balance of $712.34. The next morning, his wife wrote a check for $1,267.45 for a new refrigerator and stove. The check cleared the bank by the end of the day. What is the current balance in the McQuires’ account?
-605.11
First National Bank is offering 4% interest on an account. Susan makes an initial deposit of $300. Calculate the ending balance if the bank calculates the interest using continuously compounded interest for 1 years.
$312.24
Pete is saving money for a new computer. He opens an account with an initial deposit of $300 then deposits $7 weekly into the account. What is the total amount of money Pete will have after 1 year?
$657
Gary deposits $3,700 in an account that pays 2.15% simple interest. He keeps the money in the account for three years, but doesn’t make any deposits or withdrawals. How much interest will he receive after the three years?
$238.65
Margaret deposits $1,000 in a savings account that pays 1.4% interest compounded semi-annually. What is her balance after one year?
$1,014.05
Bellrose Bank charges a monthly maintenance fee of $17 and a check-writing fee of $0.05 per check. Last year, Patricia wrote 445 checks from her account at Bellrose. What was the total of all fees she paid on that account last year?
$226.25
First National Bank is offering 2.5% interest on an account. Susan makes an initial deposit of $7,400. Calculate the ending balance if the bank calculates the interest using continuously compounded interest for 5 years.
$8,385.30
Kaely is saving money for a new kitchen. She opens an account with an initial deposit of $8,000 then deposits $176 biweekly into the account. What is the total amount of money Kaely will have after 3 years?
$21,552
Jesse is sending his newborn daughter to a private college in 18 years. He currently has $65,000 to deposit in an account. He can get a simple interest rate of 20%. How much would he have in his account in 18 years? Round to the nearest cent.
$299,000
How much more would you earn on an investment of $4,350 that is compounded monthly versus compounded quarterly at a rate of 2.75% over 6 years?
$1.93
5,129.39 -monthly
5,127.46 -quarterly
Dean has a checking account at City Center Bank. During the month of April, he made deposits totaling $2,458.52 and wrote checks totaling $789.23. He paid a maintenance fee of $25 and earned $3.24 in interest. His balance at the beginning of the month was $2,845.23. What was the balance at the end of the month?
$4,492.76
How much more would you earn on an investment of $7,500 that is compounded quarterly versus compounded continuously at a rate of 6.3% over 3 years?
9,060.31 - 9,046.97 = $13.34
Maria opens a checking account with an initial deposit of $9,500 then deposits $16 daily into the account. What is the total amount of money Maria will have after 7 weeks?
$10,268
How much more would $5,000 earn in 10 years, compounded daily at 2%, when compared to the interest on $5,000 over 10 years, at 2% compounded semiannually?
$6,106.98 - $6,100.95 = $6.03
New Merrick Bank charges a $21-per-check overdraft protection fee. On June 5, Lewis had $989.00 in his account. Over the next few days, the following checks were submitted for payment at his bank: June 6, 875.15, $340.50, and $450.63; June 7, $330; and June 8, $560.00. How much will he owe the bank after June 8?
$1,651.28