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Determining the value of smith account

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Smith makes deposits to a savings account on July 1 of each year. The first deposit was made on July 1, 2012, and the last deposit will be made on July 1, 2022. The first deposit was $1,000 and each subsequent deposit increases by $100. The account is credited with an effective annual rate of interest of 4%.

In which of the following ranges is the value of Smith's account as of July 2, 2022.

Reference no: EM132648777

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