A deposit of $225 is made at the beginning of each month into an account at an annual interest rate of 3% compounded monthly. The balance in the account after n months is . Find the balance in the account after 4 years by computing the 48th term of the sequence. Round your answer to two decimal places.
A) $11,488.17
B) $905.64
C) $9,172.05
D) $24,404.88
E) $1,818.08

Question

A deposit of $225 is made at the beginning of each month into an account at an annual interest rate of 3% compounded monthly. The balance in the account after n months is  . Find the balance in the account after 4 years by computing the 48th term of the sequence. Round your answer to two decimal places.
A) $11,488.17 
B) $905.64 
C) $9,172.05 
D) $24,404.88 
E) $1,818.08

Quizplus · Accepted Answer

The Answer of A deposit of $225 is made at the beginning of each month into an account at an annual interest rate of 3% compounded monthly. The balance in the account after n months is  . Find the balance in the account after 4 years by computing the 48th term of the sequence. Round your answer to two decimal places.
A) $11,488.17 
B) $905.64 
C) $9,172.05 
D) $24,404.88 
E) $1,818.08

A Deposit of $225 Is Made at the Beginning of Each