A Deposit of $ 5000 Is Made in an Account $A _ { n } = 5000 \left( 1 + \frac { 0.08 } { 12 } \right) ^ { n } , n = 1,2,3 , \ldots$

Multiple Choice

A deposit of $ 5000 is made in an account that earns 8 % interest compounded monthly.The balance in the account after n months is given by $A _ { n } = 5000 \left( 1 + \frac { 0.08 } { 12 } \right) ^ { n } , n = 1,2,3 , \ldots$ Find the balance in the account after 8 years by finding the 96th term of the sequence.Round to the nearest penny.

A) $ 8,084,450.96
B) $ 9462.29
C) $ 9399.62
D) $ 483200.00
E) $ 9525.37