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

question 44

Multiple Choice

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

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Definitions:

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