Question

The current account balance of Mr. A’s saving account is $45000. He makes a deposit at the end of every month. You are given that
• The amount of the first deposit, which is made one month after today, is ? and the amount is increased by (100?)% every month afterward. That is, the amount of the second deposit is ?(1+?), the amount of the third deposit is ?(1+?)2, and so on.
• The saving account earns interest at a monthly effective interest rate ? and the interest is added to the account at the end of every month.
• The account balance at the end of ??ℎ month is ?(?12)=52500 and the account balance at the end of (2?)?ℎ month is ?(2?12)=60915.16.
• (1+?)?=1.05505.
Calculate the account balance at the saving account at the end of (3?)?ℎ month.

Answer 1