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Solve the Problem an=9000(1+0.084)nn=1,2,3,a _ { n } = 9000 \left( 1 + \frac { 0.08 } { 4 } \right) ^ { n } \quad n = 1,2,3 , \ldots

Question 138

Multiple Choice

Solve the problem.
-A deposit of $9000 is made in an account that earns 8% interest compounded quarterly. The balance in the account after n quarters is given by the sequence an=9000(1+0.084) nn=1,2,3,a _ { n } = 9000 \left( 1 + \frac { 0.08 } { 4 } \right) ^ { n } \quad n = 1,2,3 , \ldots
Find the balance in the account after 28 quarters.


A) $15,669.22\$ 15,669.22
B) $15,762.22\$ 15,762.22
C) $15,721.22\$ 15,721.22
D) $15,524.22\$ 15,524.22

Correct Answer:

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