Solve the problem.
-A deposit of $7000 is made in an account that earns 7.2% interest compounded quarterly. The balance in the account after n quarters is given by the sequence $$a _ { n } = 7000 \left( 1 + \frac { 0.072 } { 4 } \right) ^ { n } , n = 1,2,3 , \ldots$$ Find the balance in the account after four years by computing a16
A) $4087.38
B) $5321.38
C) $9312.42
D) $7517.77

Question

Quizplus · Accepted Answer

The balance after four years (which is 16 quarters, since there are 4 quarters in a year) is calculated using the given formula with $n = 16$. Plugging the values into the formula gives $$a_{16} = 7000 \left(1 + \frac{0.072}{4}\right)^{16}$$. Simplifying this gives the balance after 16 quarters, which is $9312.42, matching option C.

Solve the Problem an=7000(1+0.0724)n,n=1,2,3,…a _ { n } = 7000 \left( 1 + \frac { 0.072 } { 4 } \right) ^ { n } , n = 1,2,3 , \ldotsan​=7000(1+40.072​)n,n=1,2,3,…

Solve the Problem $a _ { n } = 7000 \left( 1 + \frac { 0.072 } { 4 } \right) ^ { n } , n = 1,2,3 , \ldots$