A deposit of $250 is made at the beginning of each month into an account at an annual interest rate of 4% compounded monthly.The balance in the account after n months is .Find the balance in the account after 5 years by computing the 60th term of the sequence.Round your answer to two decimal places.
A)$16,202.08
B)$1,259.41
C)$12,895.38
D)$34,972.23
E)$2,531.44

Question

A deposit of $250 is made at the beginning of each month into an account at an annual interest rate of 4% compounded monthly.The balance in the account after n months is  .Find the balance in the account after 5 years by computing the 60th term of the sequence.Round your answer to two decimal places. ​
A)$16,202.08 
B)$1,259.41 
C)$12,895.38 
D)$34,972.23 
E)$2,531.44

Quizplus · Accepted Answer

The Answer of A deposit of $250 is made at the beginning of each month into an account at an annual interest rate of 4% compounded monthly.The balance in the account after n months is  .Find the balance in the account after 5 years by computing the 60th term of the sequence.Round your answer to two decimal places. ​
A)$16,202.08 
B)$1,259.41 
C)$12,895.38 
D)$34,972.23 
E)$2,531.44

A Deposit of $250 Is Made at the Beginning of Each