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Lauren plans to deposit 6000 into a bank account at the

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Lauren plans to deposit $6000 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 7 yr. 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 yr? (Assume she makes no withdrawals during the 7-yr period. Round your answer to the nearest cent.)

Reference no: EM13596630

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