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Charlie has $12,000 to invest for a period of 5 years. The following three alternatives are available to him: Account 1 pays 5.00% for year

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Charlie has $12,000 to invest for a period of 5 years. The following three alternatives are available to him: Account 1 pays 5.00% for year 1, 8.00% for year 2, 10.00% for year 3, 13.00% for year 4, and 15.00% for year 5, all with annual compounding. Account 2 pays 15.00% for year 1, 13.00% for year 2, 10.00% for year 3, 8.00% for year 4, and 5.00% for year 5, all with annual compounding. Account 3 pays interest at the rate of 10.14288% per year for all 5 years. Based on the available balance at the end of year 5, which alternative is Charlie's best choice? Year 5 Balance, Alternative 1: $ Year 5 Balance, Alternative 2: $ Year 5 Balance, Alternative 3: $

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