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16. You save $1,000 in a savings deposit with APR of 6% with monthly compounding. After 5 years the net increase of your savings account

16. You save $1,000 in a savings deposit with APR of 6% with monthly compounding. After 5 years the net increase of your savings account lies closest to: A) $340 B) $350

C) $355

D) $360 Ans: B

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