A Deposit of $ 5000 Is Made in an Account $$A _ { n } = 5000 \left( 1 + \frac { 0.04 } { 4 } \right) ^ { n } , n = 1,2,3 , \ldots$$

question 15

Multiple Choice

A deposit of $ 5000 is made in an account that earns 4 % interest compounded quarterly.The balance in the account after n quarters is given by $$A _ { n } = 5000 \left( 1 + \frac { 0.04 } { 4 } \right) ^ { n } , n = 1,2,3 , \ldots$$ Find the balance in the account after 10 years by finding the 40th term of the sequence.Round to the nearest penny.

• A)$ 7518.76
• B)$ 7370.61
• C)$ 7444.32
• D)$ 24,005.10

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