Posted by **Jenny** on Monday, February 11, 2013 at 6:03pm.

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.

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