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Computing the nominal annual rate

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A student would like to take a trip to europe in two years when he gradutates from college. He has 900 dollars in a savings account and he plans to add 30 dollars per moth starting immediately. The savings account pays a nominal annual rate of 2% compounded monthly. How much will the sutdent have in savings at the end of 2 years.

  • 1660.25
  • 1683.15
  • 1670.06
  • 1671.89

Reference no: EM131066442

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