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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