A Deposit of $225 Is Made at the Beginning of Each

question 132

Multiple Choice

A deposit of $225 is made at the beginning of each month into an account at an annual interest rate of $3 \%$ compounded monthly. The balance in the account after $n$ months is $A _ { n } = 225 ( 401 ) \left( 1.0025 ^ { n } - 1 \right)$ . Find the balance in the account after 4 years by computing the 48 th term of the sequence. Round your answer to two decimal places.

• A) \(\$ 11,488.17\)
• B) \(\$ 905.64\)
• C) \(\$ 9,172.05\)
• D) \(\$ 24,404.88\)
• E) \(\$ 1,818.08\)