A deposit of $1000 is made at the beginning of each month in an account at an annual interest rate of 3% compounded monthly. The balance in the account after n months is
An = 1,000(401)(1.0025^n - 1).
(a) Compute the first six terms of the sequence {An}.
(b) Find the balance in the account after 5 years by computing the 60th term of the sequence.
(c) Find the balance in the account after 30 years by computing the 360th term of the sequence.
2 answers