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

Question

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

Quizplus · Accepted Answer

The Answer of 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

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