Khalid invests $500 in an account that earns 1.5% interest per year, compounded annually. Which of the following is formed by the amount in his account from year to year?

Each year, the account balance is multiplied by 1.015, since it earns 1.5% interest on the current balance. A list of amounts that changes by the same multiplication factor each year is a geometric sequence. The account balances are not a series, because a series is the sum of sequence terms.

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