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Need help with geometric series

1455124318092-391350151.jpg can anyone explain this part of the solution?
Attachment not found
I don't get why it's 2000*1.04*(1.04^10-1) thanks
14551244094601717210251.jpg270.0KB
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TeeEm
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@Zacken
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Zacken
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Original post by coconut64
1455124318092-391350151.jpg can anyone explain this part of the solution?
Attachment not found
I don't get why it's 2000*1.04*(1.04^10-1) thanks


First term is 2000 * 1.04. Then plug into the geometric series formula.
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coconut64
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Original post by Zacken
First term is 2000 * 1.04. Then plug into the geometric series formula.


Isn't a=2000 and ar =2000*1.04?
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Original post by coconut64
Isn't a=2000 and ar =2000*1.04?


Not in this context, which is really annoying. In this context we're talking about the "end of the year" so a = 2000 * 1.04, although I will admit I haven't looked at the question too heavily
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coconut64
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Original post by Zacken
Not in this context, which is really annoying. In this context we're talking about the "end of the year" so a = 2000 * 1.04, although I will admit I haven't looked at the question too heavily


Oh okay. I guess that makes sense then. Thanks

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