Question

Lauren plans to deposit $7000 into a bank account at the
beginning of next month and $175/month into the same account at the
end of that month and at the end of each subsequent month for the
next 7 years. If her bank pays interest at a rate of 5%/year
compounded monthly, how much will Lauren have in her account at the
end of 7 years? (Assume she makes no withdrawals during the 7-year
period. Round your answer to the nearest cent.)

Answer #1

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