Lucy is considering two investment strategies.
Strategy A requires an initial deposit of $100. At the start of the second month a deposit of $115 would need to be made, with monthly deposits at the start of each month thereafter that are each $15 more than the deposit in the previous month.
Strategy B requires an initial deposit of $90. At the start of the second month a deposit of $93.60 would need to be made, with monthly deposits at the start of each month thereafter that are each 4% more than the deposit in the previous month.
Write an expression, using sigma notation, to represent the total amount invested after
months in
(i) Strategy A.
(ii) Strategy B.