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Money Is Transferred Continuously into an Account at the Constant

Question 3

Multiple Choice

Money is transferred continuously into an account at the constant rate of $1,500 per year. Assume the account earns interest at the annual rate of 5% compounded continuously. Compute the future value of the income stream over a 13 year period.


A) $1,373.31
B) $54,932.45
C) $109,864.90
D) $27,466.22

Correct Answer:

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