Multiple Choice
Assume that an individual puts $10,000 into a savings account that pays 3% interest compounded monthly with the intent to withdraw the balance in 5 years to buy a car.If he does not make any further deposits over this period,how much will the individual be able to put towards his purchase?
A) $10,125.63
B) $11,592.74
C) $11,616.17
D) $58,916.03
Correct Answer:
Verified
Correct Answer:
Verified
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