4159 Question Help A deposit of 5500 is made in an account

4.1.59 := Question Help A deposit of $5500 is made in an account that earns 6% interest compounded quarterly. The balance in the account after n quarters is given by the following sequence. Find the balance in the account after three years. 5500(1 ) 0.06n a 5500 1+ na 1.23. 4 The balance after three years is $ (Do not round until the final answer. Then round to the nearest cent as needed.)

Solution

a_n=5500(1+0.06/4)ⁿ

In three years, number of quarters,n = 4*3=12

a₁₂=5500(1+0.06/4)¹²

= 5500(1.015)¹²

=$6575.90