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Paul Springer Plans to Save for a Down Payment for a House

Question 29

Multiple Choice

Paul Springer plans to save for a down payment for a house in 10 years. He will be able to invest $12,000 today in a money market account that will pay him an annual interest rate of 5.50 percent on a monthly basis. How much will he have at the end of 10 years?


A) $12,640
B) $20,773
C) $24,859
D) $23,080

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