A deposit of $800 is made each month in an account that earns 8.4% interest,compounded monthly.The balance in the account after n months is given by Find the balance after 20 years by computing the 240th term of the sequence.Round your answer to two decimal places.
A) $696,946.54
B) $1,018,546.54
C) $24,073.84
D) $343,954.07
E) $1,125.60

Question

A deposit of $800 is made each month in an account that earns 8.4% interest,compounded monthly.The balance in the account after n months is given by  Find the balance after 20 years by computing the 240th term of the sequence.Round your answer to two decimal places. ​
A) $696,946.54 
B) $1,018,546.54 
C) $24,073.84 
D) $343,954.07 
E) $1,125.60

Quizplus · Accepted Answer

The Answer of A deposit of $800 is made each month in an account that earns 8.4% interest,compounded monthly.The balance in the account after n months is given by  Find the balance after 20 years by computing the 240th term of the sequence.Round your answer to two decimal places. ​
A) $696,946.54 
B) $1,018,546.54 
C) $24,073.84 
D) $343,954.07 
E) $1,125.60

A Deposit of $800 Is Made Each Month in an Account