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An individual made 60 monthly payments of $ 150 into a fund, each made at the beginning of each month. For the first three years,
An individual made 60 monthly payments of $ 150 into a fund, each made at the beginning of each month. For the first three years, the funds interest rate was 6%, capitalized monthly. At the start of the fourth year, the fund's interest rate rose to 5.4%, capitalization monthly, and remained unchanged until maturity. The fund balance one month after the 60th payment is:
A. $ 10,414.27
B. $ 10,364.35
C. $ 10,352.08
D. $ 10,397.96
E. $ 10,417.64
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