A deposit of $225 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 $A _ { n } = 225 ( 401 ) \left( 1.0025 ^ { n } - 1 \right)$. Find the balance in the account after 4 years by computing the 48 th term of the sequence. Round your answer to two decimal places.
A) $\$ 11,488.17$
B) $\$ 905.64$
C) $\$ 9,172.05$
D) $\$ 24,404.88$
E) $\$ 1,818.08$

Question

Quizplus · Accepted Answer

The balance after 4 years (48 months) is calculated using the given formula with $n = 48$. Plugging in the values, $A_{48} = 225(401)(1.0025^{48} - 1)$ simplifies to approximately $\$11,488.17$, making choice A correct.

A Deposit of $225 Is Made at the Beginning of Each