Hi please help me find the solution to this question.

minmin

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Jun 23, 2021
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I'm stuck on question 2 (ii) and got it wrong for find the question interest received over the two years.
Screen Shot 2021-06-24 at 12.14.00 PM.png

This is how I did question 2(ii) but I got it wrong.
Screen Shot 2021-06-24 at 12.17.17 PM.png
 
Initially, you invest $9000 at 4.3% p.a. (which is 4.3/12= 0.358% per month) so compounded monthly (24 times in two years) it willl be worth $9000(1.00358)^24 at the end.
Now $100 is added after the first month so it is compounded monthly for 23 months and will, at the end be worth $100(1.00358)^23
Now $100 is added after the second month so it is compounded monthly for 22 months and will, at the end be worth $100(1.00358)^22.
Now $100 is added after the third month so it is compounded monthly for 21 months and will, at the end be worth $100(1.00358)^21.

Continue like that until $100 is compounded monthly for 1 month and will, at the end be worth $100(1.00358).

At the end of two years, the investment will be worth
\(\displaystyle 9000(1.00358)^{24}+ 100\left(\sum_{n=1}^{23}(1.00358)^n\right)\).
 
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