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Nominal annual interest compounded monthly

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Reference no: EM131994455

What is the future value of a $1000/month deposit at the end of 5 years that grows at a rate of $50/month, starting with your second deposit (which is $1,050). Assume that your initial deposit occurs at the end of your first month. Use 9% nominal annual interest compounded monthly.

Reference no: EM131994455

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