A paper manufacturer buys a machine for $120,000. It depreciates at a rate of 30% per year.
Question:
(a) Find the formula for the nth term of a geometric sequence that gives the value of the machine t full years after it is purchased.
(b) Find the depreciated value of the machine after 5 full years.
2. An investor deposits $800 in an account on the first day of each month for 10 years. The account pays 3%, compounded monthly. What is the balance at the end of 10 years?
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1 a a n 12000007 n b a 5 ...View the full answer
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