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Problem

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Textbook Expert
Textbook ExpertVerified Tutor
29 Nov 2021

Given information

The provided equation associated with interest on deposition of  is . The interest rate represented by 3 in percentage. There is a compounding in interest with respect to each month.

Step-by-step explanation

Step 1.

Take the help of provided equation and substitute 1 in place of n into it to obtain the term of the sequence which comes at first place. 

 

 

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