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Compounding: Dat Nguyen Is Depositing $17,500 in an Account Paying

Question 68

Multiple Choice

Compounding: Dat Nguyen is depositing $17,500 in an account paying an annual interest rate of 8.25 percent compounded monthly. What is the interest-on-interest after six years?


A) $8,662.50
B) $734.40
C) $2,497.63
D) $1,092.48

Correct Answer:

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