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James deposited some money into a savings account to save for a motorcycle. Based on the interest rate of the account, he estimates that his money will grow according to the following table.
Years Value
1 $1428
2 $1457
3 $1486
4 $1516
5 $1546
The values follow a geometric sequence. What is the common ratio of the sequence?

Enter your answer as a decimal rounded to two decimal places, if necessary, like this: 42.53

Respuesta :

The common ratio of the sequence is 1.02

Explanation:

The common difference of the geometric sequence is the ratio of dividing the term by the previous term.

Now, we shall divide the terms.

Dividing 1428 and 1457, we get,

[tex]\frac{1457}{1428} =1.02[/tex]

Dividing 1457 and 1486, we get,

[tex]\frac{1486}{1457} =1.02[/tex]

Dividing 1486 and 1516, we get,

[tex]\frac{1516}{1486} =1.02[/tex]

Dividing 1516 and 1546, we get,

[tex]\frac{1546}{1516} =1.02[/tex]

Thus, the common ratio of the sequence is 1.02

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