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Fred Made 12 End-Of-Month Deposits of $250 into a Mutual

Question 127

Multiple Choice

Fred made 12 end-of-month deposits of $250 into a mutual fund earning 16% compounded monthly. How much will he have in his account two years after his last deposit if the fund continues to earn 16% compounded monthly?


A) $4,438.83
B) $3,756.45
C) $19,399.58
D) $9,770.65
E) $6,014.20

Correct Answer:

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