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A deposit of $20,000 is made into an account that earns 6.5% interest compounded monthly. The balance in the account after n months is given by

a)Write the first six terms of the sequence:

20000.00, 20108.33, 20217.25, 20326.76, 20436.87, 20547.57

20108.33, 20217.25, 20326.76, 20436.87, 20547.57, 20658.87

20217.25, 20326.76, 20436.87, 20547.57, 20658.87, 20770.77

20108.33, 20000.59, 20000.00, 22068.57, 23097.96, 24155.87

b)Find the balance in the account after 10 years.

$21110.12

$24824.08

$38243.68

$201083.33

c)Is the balance after 20 years twice the balance after 10 years?

Yes

No

Correct!