Solve the Problem $$a _ { n } = 7000 \left( 1 + \frac { 0.072 } { 4 } \right) ^ { n } , n = 1,2,3 , \ldots$$

question 56

Multiple Choice

Solve the problem.
-A deposit of $7000 is made in an account that earns 7.2% interest compounded quarterly. The balance in the account after n quarters is given by the sequence $$a _ { n } = 7000 \left( 1 + \frac { 0.072 } { 4 } \right) ^ { n } , n = 1,2,3 , \ldots$$ Find the balance in the account after four years by computing a16

• A) $4087.38
• B) $5321.38
• C) $9312.42
• D) $7517.77

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