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Savings Account and Deposit Techniques

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Suppose you open a savings account at an interest rate of 1.5 percent per year, compounded monthly. You make an initial deposit of $1,000 and, starting one month after you open the account, you deposit $100 each month and do not make any withdrawals. Identify which problem-solving techniques you would use to answer the question: How long would it take for the account to reach $3,000? Explain how you would use those techniques.

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This solution discusses depositing techniques.

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Hi there,

Thanks for letting me work on your post. Here is my explanation:

at the end of 1st month, balance F1=1000*(1+0.015/12)+100
at the end of 2nd month, balance ...

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