1. Jeanelle has ₱5,000.00 in a bank which is below her required maintaining
balance. As a penalty, her money decreases at the rate of 5% every month.
How much money will she have after 1 year?
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1. Jeanelle has ₱5,000.00 in a bank which is below her required maintaining
balance. As a penalty, her money decreases at the rate of 5% every month.
How much money will she have after 1 year?
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Answer:
Php 2,701.80
Step-by-step explanation:
Using geometric sequence formula
a1 = 5,000 ; this is the first term value.
a2 is the 2nd term as well as the 1st month, therefore
a13 is the 13th term or the value of money after 12 months.
r = 1 - 0.05 = 0.95
n = 13
a13 = a1r^(n-1)
a13 = 5,000 ( 0.95)^(13-1)
a12 = 2,701.80