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A deposit of $100 is made at the beginning of each month into an account at an annual interest rate of 8% compounded monthly. The balance in the account after n months is 4, 100(401)(1.0025" — 1). Find the balance = in the account after 2 years by computing the 24th term of the sequence. Round your answer to two decimal places.

A deposit of $100 is made at the beginning of each month into an account at an annual interest rate of 8% compounded monthly. The balance in the account after n months is 4, 100(401)(1.0025" — 1). Find the balance = in the account after 2 years by computing the 24th term of the sequence. Round your answer to two decimal places.

Calculus: Early Transcendentals
Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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A deposit of $100 is made at the beginning of each month into an account at an annual interest rate of 8% compounded monthly. The balance in the account after n months is 4, 100(401)(1.0025" — 1). Find the balance = in the account after 2 years by computing the 24th term of the sequence. Round your answer to two decimal places. O $2,476.46 O $200.75 O $1,989.37 O $5,099.11 O $402.00
Transcribed Image Text:A deposit of $100 is made at the beginning of each month into an account at an annual interest rate of 8% compounded monthly. The balance in the account after n months is 4, 100(401)(1.0025" — 1). Find the balance = in the account after 2 years by computing the 24th term of the sequence. Round your answer to two decimal places. O $2,476.46 O $200.75 O $1,989.37 O $5,099.11 O $402.00
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