## Related questions with answers

Question

A deposit of $100 is made at the beginning of each month in an account at an annual interest rate of 12% compounded monthly. The balance in the account after n months is

$A_n=100(101)\left[(1.01)^n-1\right] .$

Find the balance after 5 years by computing the 60 th term of the sequence.

Solution

VerifiedStep 1

1 of 2The 60th term of the sequence is:

$\color{#4257b2} A_{60} = 8248.64$

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