Solve the Problem $\mathrm { a } _ { \mathrm { n } } = 7000 \left( 1 + \frac { 0.08 } { 4 } \right) ^ { \mathrm { n } } \quad \mathrm { n } = 1,2,3 , \ldots$

question 213

Multiple Choice

Solve the problem.
-A deposit of $7000 is made in an account that earns 8% interest compounded quarterly. The balance in the account after n quarters is given by the sequence $\mathrm { a } _ { \mathrm { n } } = 7000 \left( 1 + \frac { 0.08 } { 4 } \right) ^ { \mathrm { n } } \quad \mathrm { n } = 1,2,3 , \ldots$
Find the balance in the account after 9 years.

• A) \(\$ 14,279.21\)
• B) \(\$ 14,372.21\)
• C) \(\$ 14,368.21\)
• D) \(\$ 14,097.21\)

---

Definitions:

Sequential Search

An algorithm that checks each element in a data set one by one until the desired element is found or the end is reached.

Key Comparisons

The process of comparing important features or aspects of items, concepts, or data values to determine their relationships or differences.

Accompanying Figure

This usually refers to a diagram or illustration that goes along with a text to help explain something described in the document.

Sorted List

A collection of elements arranged in a specific order, typically ascending or descending.