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An initial investment of $1,500 was made in the first month. In the second month, $1,507 was invested, while in the third month, the investment increased to $1,514. The monthly investments then continued using this arithmetic progression. How much was the portfolio worth after 60 months?

Respuesta :

Answer:

$102390

Step-by-step explanation:

An initial investment of $1,500 was made in the first month. In the second month, $1,507 was invested, while in the third month, the investment increased to $1,514.

The monthly investments then continued using this arithmetic progression up to 60 months.

Therefore, total portfolio worth after 60 months will be

= 1500 + 1507 + 1514 + ........... + (1500 + 59 × 7)

= 1500 + 1507 + 1514 + ............. + 1913

This is an A.P. series whose sum will be

[tex]S_{60} = \frac{60}{2}(1500 + 1913) = 102390[/tex] dollars. (Answer)

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