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A Deposit of $250 Is Made at the Beginning of Each

Question 174

Multiple Choice

A deposit of $250 is made at the beginning of each month into an account at an annual interest rate of 3% compounded monthly. The balance in the account after n months is A deposit of $250 is made at the beginning of each month into an account at an annual interest rate of 3% compounded monthly. The balance in the account after n months is . Find the balance in the account after 3 years by computing the 36th term of the sequence. Round your answer to two decimal places. ​ A) $9,428.65 B) $753.76 C) $7,551.03 D) $19,717.22 E) $1,511.28 . Find the balance in the account after 3 years by computing the 36th term of the sequence. Round your answer to two decimal places. ​


A) $9,428.65
B) $753.76
C) $7,551.03
D) $19,717.22
E) $1,511.28

Correct Answer:

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