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On the first day of the month, starting January 1, 1995, Smith deposits 100 in an...

On the first day of the month, starting January 1, 1995, Smith deposits 100 in an account earning i (12) = 0.09, with interest credited the last day of each month. In addition, Smith deposits 1,000 in the account every December 31. Around what date does the account first exceed 100,000?

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Answer #1

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30 April, 2013 date does the amount first exceed 100000.

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