Applications of Geometric Series (Leaving Cert Mathematics): Quizzes

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Investments & Savings
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In savings accounts with regular deposits, what varies for each deposit?

Interest earning time period

If €100 is deposited monthly for 5 years, how many months does the first deposit earn interest?

60 months

What formula converts 5.5% annual interest to monthly interest rate?

(1+i)=(1.055)1/12(1+i)=(1.055)^{1/12}

Why should you not evaluate (1.055)1/12(1.055)^{1/12} early in the calculation?

Lose precision in calculation

What mathematical pattern do the investment terms form?

Geometric series

For 60 monthly €100 deposits at 5.5% annual rate, what is the first term aa?

1.0551/121.055^{1/12}

In the formula Sn=a(1−rn)1−rS_n=\frac{a(1-r^n)}{1-r}, what does nn represent?

Number of terms in series

What is the geometric series sum formula used in savings calculations?

Sn=a(1−rn)1−rS_n=\frac{a(1-r^n)}{1-r}

How much is in the account after depositing €100 monthly for 5 years at 5.5% annual rate?

€6895.20

What monthly deposit is needed to save €5500 in 4 years at 4.25% annual rate?

€109.67

Explore Leaving Cert Mathematics Revision Notes by Topics

Fundamentals of Arithmetic

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Applications of Geometric Series

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Fundamentals of Arithmetic

The Basics

Income Tax

Compound Interest & Depreciation

Applications of Geometric Series

Amortisation Formula

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Fundamentals of Arithmetic

The Basics

Income Tax

Compound Interest & Depreciation

Applications of Geometric Series

Amortisation Formula

Explore Leaving Cert Mathematics Exam Questions by Topics

Fundamentals of Arithmetic

The Basics

Income Tax

Compound Interest & Depreciation

Applications of Geometric Series

Amortisation Formula

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