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A deposit of $ 5000 is made in an account that earns 8 % interest compounded monthly. The balance in the account after n months is given by An=5000(1+(.08/12)^n Find the balance in the account after 8 years by finding the 96th term of the sequence. Round to the nearest penny.

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A deposit of $ 5000 is made in an account that earns 8 % interest compounded monthly. The balance in the account after n months is given by


An=5000(1+(.08/12)^n

Find the balance in the account after 8 years by finding the 96th term of the sequence. Round to the nearest penny.

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