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You are planning to make monthly deposits of $50 into a retirement account that pays...

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Finance

You are planning to make monthly deposits of $50 into a retirement account that pays 10% interest compounded monthly. If your first deposit will be made one month from now, how large will your retirement account be in 13 years?

Multiple Choice (Select the answer)

  1. $15,102.63
  2. $15,897.51
  3. $16,692.38
  4. $14,713.63
  5. $190,770.06

Answer & Explanation Solved by verified expert
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