question 6 of 20\nmany credit card companies charge a compound interest rate of 1.8% per month on a credit…

Explanation:

Step1: Recall compound - interest formula for next - month balance

The formula for the balance $B_{n}$ after $n$ months with an initial balance $B_0$ and a monthly interest rate $r$ is $B_{n}=B_{0}(1 + r)^n$. Here, $B_0 = 950$ and $r=0.018$. For the first - month balance ($n = 1$), $B_1=950\times(1 + 0.018)=950\times1.018 = 967.10$.

Step2: Calculate the second - month balance

For the second - month balance ($n = 2$), $B_2=950\times(1 + 0.018)^2=950\times1.018^2=950\times1.036324 = 984.5078\approx984.51$.

Step3: Calculate the third - month balance

For the third - month balance ($n = 3$), $B_3=950\times(1 + 0.018)^3=950\times1.018^3=950\times 1.055077832=1002.323948\approx1002.23$.

Step4: Calculate the fourth - month balance

For the fourth - month balance ($n = 4$), $B_4=950\times(1 + 0.018)^4=950\times1.018^4=950\times1.074079233=1020.375271\approx1020.27$.

Answer:

E. 950.00, 967.10, 984.51, 1002.23, 1020.27, ...