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12.5 Every year on his birthday, Matty's parents deposit $1600 in an account that will eventually help pay for his education. The first deposit was

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12.5 Every year on his birthday, Matty's parents deposit $1600 in an account that will eventually help pay for his education. The first deposit was made in June, 2002. The account pays 6% interest. If there are no withdrawals from the account, then the accumulated amount immediately after the June, 2020, deposit is nearest: (A) $29,000 (B) $30,400 (C) $49,400 (D) $54,000

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