A Deposit Of $\$$ 200 Is Made Each Month in an Account That Earns

question 109

Multiple Choice

A deposit of $\$$ 200 is made each month in an account that earns 8.4% interest, compounded monthly. The balance in the account after n months is given by $A _ { n } = 200 ( 201 ) \left[ ( 1.007 ) ^ { n } - 1 \right]$ . Find the balance after 22 years by computing the 264th term of the sequence. Round your answer to two decimal places.

• A)$213,316.53
• B)$293,716.53
• C)$6,667.78
• D)$86,634.61
• E)$281.40

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Definitions:

Habituation

A simple form of learning where an organism eventually stops responding to a stimulus after repeated exposures, without any reward or punishment.

Worker Bees

Female bees that are not queens and perform all the work tasks necessary for colony survival.

Male

Referring to the sex that produces small, mobile gametes (sperm) in sexually reproducing species, typically associated with XY chromosome configuration in mammals.

Unconditioned Response

A natural, automatic reaction to a stimulus that occurs without prior conditioning or learning.