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A deposit of $50,000 is made into an account that earns 8% interest compounded monthly. The balance in the account after n months is given by

a)Write the first six terms of the sequence:

50333.33, 50668.89, 51006.68, 51346.73, 51689.04, 52033.63

52037.57, 52056.46, 53075.42, 53094.46, 54113.56, 54132.74

5056.46, 5075.42, 5094.46, 5113.56, 5132.74, 5151.98

5018.75, 5037.57, 5056.46, 5075.42, 5094.46, 5113.56

b)Find the balance in the account after 4 years.

$68783.31

$62604.28

$71361.82

$63922.33

c)Is the balance after 8 years twice the balance after 4 years?

Yes

No

Correct!