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Solve the Problem. Round to the Nearest Cent

Question 18

Multiple Choice

Solve the problem. Round to the nearest cent.
-To start a new business, Eric invests $765.13 each month in an ordinary annuity paying 7% interest Compounded monthly. Find the amount in the annuity after 5 years.


A) $25,005.41
B) $54,777.88
C) $55,543.01
D) $54,012.75

Correct Answer:

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