A deposit of $100 is made in an account at the beginning of each month at an

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A deposit of $100 is made in an account at the beginning of each month at an annual interest rate of 3% compounded monthly. The balance in the account after n months is An = 100(401)[(1.0025)n - 1].

(a) Compute the first six terms of the sequence {An}.

(b) Find the balance in the account after 5 years by computing the 60th term of the sequence.

(c) Find the balance in the account after 20 years by computing the 240th term of the sequence.

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Calculus Of A Single Variable

ISBN: 9781337275361

11th Edition

Authors: Ron Larson, Bruce H. Edwards

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