16–17. {Use of Tech} Periodic savings
Suppose you deposit m dollars at the beginning of every month in a savings account that earns a monthly interest rate of r, which is the annual interest rate divided by 12 (for example, if the annual interest rate is 2.4%, r = 0.024/12 = 0.002). For an initial investment of m dollars, the amount of money in your account at the beginning of the second month is the sum of your second deposit and your initial deposit plus interest, or m + m(1 + r). Continuing in this fashion, it can be shown that the amount of money in your account after n months is
Aₙ = m + m(1 + r) + ⋯ + m(1 + r)ⁿ⁻¹.
Use geometric sums to determine the amount of money in your savings account after 5 years (60 months) using the given monthly deposit and interest rate.
17. Monthly deposits of \$250 at a monthly interest rate of 0.2%

