A Deposit of $2000 Is Made in an Account That $A _ { n } = 2000 \left( 1 + \frac { 0.06 } { 12 } \right) ^ { n } , n = 1,2,3 , \mathrm {~K}$

question 78

Multiple Choice

A deposit of $2000 is made in an account that earns 6% interest compounded monthly. The balance in the account after n months is given by $A _ { n } = 2000 \left( 1 + \frac { 0.06 } { 12 } \right) ^ { n } , n = 1,2,3 , \mathrm {~K}$ Find the balance in the account after 11 years by finding the 132th term of the sequence. Round to the nearest penny.

• A)$4,379,295.09
• B)$3863.23
• C)$3844.01
• D)$265,320.00
• E)$3882.54

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