Calculate the balance in account after the last payment

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A gradient series of payments is received monthly for 20 years and deposited into an account. The first payment is $2,000, the gradient factor is +$100 per month. The gradient factor is then doubled for another 10 years. At an interest rate of 6% compounded monthly, calculate the balance in the account after the last payment is deposited at the end of the 20th year.

Reference no: EM131845289

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