A deposit of $5000 is made in an account that earns 3% interest compounded quarterly
Chapter 9, Problem 121(choose chapter or problem)
A deposit of $5000 is made in an account that earns 3% interest compounded quarterly. The balance in the account after n quarters is given by
\(A_{n}=5000\left(1+\frac{0.03}{4}\right)^{n}, \quad n=1,2,3, \ldots\)
(a) Compute the first eight terms of this sequence.
(b) Find the balance in this account after 10 years by computing the 40th term of the sequence.
Text Transcription:
A_n = 5000(1 + 0.03 / 4 )^n, n = 1, 2, 3, . . . .
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