A Deposit of $ 5000 Is Made in an Account $A _ { n } = 5000 \left( 1 + \frac { 0.08 } { 12 } \right) ^ { n } , n = 1,2,3 , \ldots$

question 145

Multiple Choice

A deposit of $ 5000 is made in an account that earns 8 % interest compounded monthly.The balance in the account after n months is given by $A _ { n } = 5000 \left( 1 + \frac { 0.08 } { 12 } \right) ^ { n } , n = 1,2,3 , \ldots$ Find the balance in the account after 8 years by finding the 96th term of the sequence.Round to the nearest penny.

• A)$ 8,084,450.96
• B)$ 9462.29
• C)$ 9399.62
• D)$ 483200.00
• E)$ 9525.37

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Definitions:

Attraction-Similarity Hypothesis

The theory suggesting individuals are more likely to be attracted to and form relationships with others who are similar to themselves in various attributes.

Reciprocity

A social principle that involves exchanging things with others for mutual benefit, particularly in the context of social relationships.

Persuasive Communication

A method of communication aimed at influencing or changing the attitudes, beliefs, or behaviors of others through the use of argument, reasoning, or appeal.

Fear Appeal

A type of persuasive communication that influences behavior on the basis of arousing fear instead of rational analysis of the issues.