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$10,000 Is Invested at an Annual Interest Rate of 7

Question 7

Multiple Choice

$10,000 is invested at an annual interest rate of 7% for 5 years. Find the future value of the investment, rounded to the nearest hundredth, if the interest is compounded monthly.


A) $14,176.25
B) $14,176.26
C) $99,508.86
D) $99,508.87
E) None of these

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