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A deposit of $32,000 is made into an account that earns 7.5% interest compounded monthly. The balance in the account after n months is given by

a)Write the first six terms of the sequence:

32200, 32401.25, 32603.76, 32807.53, 33012.58, 33218.91

32401.25, 32603.76, 32807.53, 33012.58, 33218.91, 33426.53

32603.76, 32807.53, 33012.58, 33218.91, 33426.53, 33635.44

32807.53, 33012.58, 33218.91, 33426.53, 33635.44, 33845.66

b)Find the balance in the account after 5 years.

$

$4204.28

$

$6922.33

c)Is the balance after 10 years twice the balance after 5 years?

Yes

No

Correct!