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An Initial Deposit of $20,000 Earns 3% Interest, Compounded Monthly

Question 130

Multiple Choice

An initial deposit of $20,000 earns 3% interest, compounded monthly. How much will be in the account after 15 years? Round your answer to the nearest cent.


A) $4,090,067.19
B) $31,348.63
C) $31,159.35
D) $20,763.27

Correct Answer:

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