Multiple Choice
If you deposit $1,000 in an account that earns 5% per year, compounded annually, you will have $1,276 at the end of 5 years. What would be the balance in the account at the end of 5 years if interest compounds monthly?
A) $784
B) $1,000
C) $1,276
D) $1,283
Correct Answer:
Verified
Correct Answer:
Verified
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