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.

College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 2E
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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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