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reb659
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Homework Statement
If you invest a dollar at 6% interest compounded monthly, it amounts to (1.005)^n, where n=# of months. If you invest 10$ at the beginning of each month for 10 years (120 months), how much do you have at the end of the 10 years?
Homework Equations
sum of a geometric series - a/(1-r)
The Attempt at a Solution
The only examples of this I've seen were when the same amount is being compounded. I don't understand how I would sum up the total if money is being added each month.
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