Question

Lauren plans to deposit $8000 into a bank account at the beginning of next month and $225/month into the same account at the end of that month and at the end of each subsequent month for the next 3 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 3 years? (Assume she makes no withdrawals during the 3-year period. Round your answer to the nearest cent.)

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Answer #1

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