Following is the geometric progression of Nelson's debt after each month: (E) 950,967.1, 984.51, 1002.23, 1020.27
A geometric progression sometimes referred to as a geometric sequence in mathematics, is a series of non-zero numbers where each term following the first is obtained by multiplying the preceding one by a constant, non-zero value known as the common ratio.
So, in this issue, the interest rate is as follows: 1.8%.
The debt will therefore be equal to the debt from the previous month multiplied by 100 + 1.8 = 101.8% = 1.018 each month, and the common ratio is as follows: 1.018.
In light of this, the terms of the series are as follows:
2nd term: 950 x 1.018 = $967.1
3rd term: 967.1 x 1.018 = $984.51
4th term: 984.51 x 1.018 = $1002.23
5th term: 1002.23 x 1.018 = $1020.27
Therefore, the following is the geometric progression of Nelson's debt after each month: (E) 950,967.1, 984.51, 1002.23, 1020.27
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Complete question:
Many credit card companies chard a compound interest rate of 1.8% per month Nelson owes 950 on a credit card. If he makes no purchases or payments he will go deeper and deeper into debt.
