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$70,000 Is Put in an Investment Account Today

Question 35

Multiple Choice

$70,000 is put in an investment account today. The investment account compounds interest at a rate of 2% per month. What amount will be available five years from today? Use the formula method. (Do not round any intermediary calculations, and round your final answer to the nearest dollar.)


A) $104,016
B) $154,000
C) $85,330
D) $229,672

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