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The size of the fund at the end

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1. Gary deposits the following amounts in a savings plan which pays 8.4% per annum, compounded monthly: • $1,500 today, • $2,500 at the end of year two and • $5,000 at the end of year three. The amount he will have in exactly three years is closest to:

Select one:

A. $9,621

B. $10,429

C. $8,187

D. $9,646

2. Payments of $5,000 per quarter are deposited into a fund at the end of each quarter for 11 years. If interest is 11.4% p.a. compounding quarterly, the size of the fund at the end of 11 years will be (to nearest dollar but don't include $ sign or commas):

Reference no: EM132273046

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