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9. To pay for his college education, Joe is saving $500 at the beginning of each month for the next six years in a bank

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9. To pay for his college education, Joe is saving $500 at the beginning of each month for the next six years in a bank account. If the annual interest rate is 5%, and compounded monthly, how much will Joe have in that account at the end of 6th year? A. $ 40,810 B. $ 41,880 C. $42,056 D. none of the above; the correct answer is

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