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9. A project has unused construction funds that can be deposited into an interest bearing account for later use. The annual effective interest rate of

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9. A project has unused construction funds that can be deposited into an interest bearing account for later use. The annual effective interest rate of the account is 18%, and interest is compounded monthly. Approximately how much money must be deposited to yield $60,000 at the end of 11 months? a. $48,750 b. $50,100 c. $50,950 d. $51,550

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