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Solve the Problem $200\$ 200 Is Deposited into a Savings Account At

Question 38

Multiple Choice

Solve the problem.
- $200\$ 200 is deposited into a savings account at 5%5 \% interest, compounded monthly. To the nearest year, how long will it take for the account balance to reach $537\$ 537 ?


A) 20 years
B) 28 years
C) 18 years
D) 14 years

Correct Answer:

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