Question

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.

Expert Solution

Algebra & Trigonometry with Analytic Geometry

13th Edition

ISBN: 9781133382119

Author: Swokowski

Publisher: Cengage

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Algebra & Trigonometry with Analytic Geometry

Sequences, Series, And Probability. 81E

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