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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Definitions:

Fixed Overhead

The total non-variable costs associated with operating a business, including rent, salaries, and insurance, that remain unchanged regardless of the level of production or sales.

Direct Labor

The wages and other forms of remuneration paid to employees who directly work on the products being manufactured, such as assembly line workers.

Property, Plant, and Equipment

Long-term tangible assets used in the operation of a business, such as buildings, machinery, and equipment.

Raw Material

Basic materials used in the production process, which are transformed into finished goods through the manufacturing process.