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What is the balance of the account

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Question - You have a savings account that pays interest of 12% p.a. with monthly compounding. For the first 5 years you deposited $100 per month into the account and for the second 5 years you deposited $200 per month into the account. What is the balance of the account after 10 years, if the initial balance was zero?

a. $31,170.84

b. $24,500.90

c. $14,705.43

d. $39,337.80

e. None of the other answers is correct

Reference no: EM132603802

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