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Tom Is Saving for an Engagement Ring

Question 59

Multiple Choice

Tom is saving for an engagement ring. If he deposits $500 payments into an account (one at the end of each year) that earns 6% interest compounded annually, how much will he have saved by the end of the 10th year?


A) $895.42
B) $13,435.18
C) $6,590.39
D) $6,554.39

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