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Suppose You Deposit $1,600 in an Account with an Annual

Question 158

Multiple Choice

Suppose you deposit $1,600 in an account with an annual interest rate of 5% compounded quarterly. Find the amount of money in the account after 11 years.


A) $1,834.28
B) $13,691.44
C) $2,736.54
D) $2,480.00
E) $2,763.77

Correct Answer:

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