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Assume That $1,100 Is Deposited in an Account in Which

Question 180

Multiple Choice

Assume that $1,100 is deposited in an account in which interest is compounded annually at a rate of 5%.Find the accumulated amount after 2 years rounded to the nearest cent.


A) $1,312.75
B) $1,612.75
C) $1,212.75
D) $1,162.75
E) $1,112.75

Correct Answer:

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