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Determine the Amount of Interest Earned at the End of Year

Question 89

Multiple Choice

Determine the amount of interest earned at the end of year 9 based on $3,000 annual payments received in years 1, 3 and 5 given an interest rate of 5.2% compounded annually.


A) $3,241.20
B) $3,456.99
C) $3,688.18
D) $3,939.72
E) $4,004.48

Correct Answer:

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