So I'm trying to find out the formula by writing out the expanded version first and simplifying it, but I'm not sure how to write this in terms of exponents.A deposit of $25 is made at the beginning of the 1st month, and successive monthly deposits after that is $25 more than the previous month (2nd month is a $50 deposit, 3rd month is a $75, etc.). At the beginning of the next year (after 12 months), the deposit cycle is reset back to $25 the first month, etc. and this pattern continues for 5 years. The account pays 5% compounded interest monthly at the end of each month. What is the balance of the account after 5 years?
Let x =
But then I remembered the formula will probably change after 12 months since the deposits start over, but the balance is different...so I'm not sure how else to really approach this.