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An actuary invests 1000 at the end of each year for 30 years. The investments will earn interest at a 4% annual effective interest rate
An actuary invests 1000 at the end of each year for 30 years. The investments will earn interest at a 4% annual effective interest rate and, at the end of each year, the interest will be reinvested at a 3% annual effective interest rate. Calculate the accumulated value of the investment at the end of the 30-year period. (A) 51,625 (B) 53,434 (C) 55,260 (D) 58,437 (E) 58,938
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