Thread: [SOLVED] Sequence Question

Question:
Each year a company gives a grant to a charity. The amount given each year increases by of its value in the preceding year. The grant in 2001 was . Find:

(i) the grant given in 2011,
(ii) the total amount of money given to the charity during the years 2001 to 2011 inclusive.

Attempt:









I don't think that is possible ! How can I solve this question?

Maybe

Hello,

r is not 5%, but 1.05, because you keep the previous amount.
Let's take an example :

The first year, they give 5000$.
The following year, they will give 5000 increased of 5%.
This means that they will give 5000+5%*5000=5000+.05*5000=5000*1.05

The following year, they will give 5000*1.05 added up by 5%.
This means that they will give 5000*1.05+5%*(5000*1.05)=(5000*1.05)*1.05=5000*1.0 5²

Is it clear for you now ?

Originally Posted by looi76

(ii) the total amount of money given to the charity during the years 2001 to 2011 inclusive.

Where did I go wrong? Answer in text book is $71034

Originally Posted by looi76

Where did I go wrong? Answer in text book is $71034

Hi looi76,

When the question says inclusive they mean both the year 2001 and 2011 should be included. So actually there are 11 years in all. So your n=11...