Equivalent to the monthly payments

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Reference no: EM131940380

A person deposited $50 every month into an account which earned 6% compounded monthly.

The first payment was made on February l , 1998, and the last payment was made on November l , 2001

a) How much was in the account on November l , 2001?

b) What single amount deposited on February I , 1998: is equivalent to the monthly payments of $50.00?

Reference no: EM131940380

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