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Danielle plans to make monthly deposits of $500 into her savings account. The interest rate is 2.4% p.a. compounded monthly for the following two years
Danielle plans to make monthly deposits of $500 into her savings account. The interest rate is 2.4% p.a. compounded monthly for the following two years and 3.6% p.a. compounded monthly thereafter. The first deposit will be made in 3 months' time. Danielle will have $X in her bank account 5 years from today immediately after the deposit. Which of the following equations can be used to the find $X (Only one correct answer)? (2 marks) X=500/0.024*(1.024^2-1)*(1.036)^3 +500/0.036*(1.036-3-1) None of the equations give the correct X. X=500/0.002*(1.002-22-1) +500/0.003*(1.003436-1) X=500/0.002*(1.002-24-1)*(1.003)^36 +500/0.003*(1.003436-1) X=500/0.002*(1.002"22-1)*(1.003)^36+500/0.003*(1.003136-1) Calculate X and input your answer below. (Round your answer to 2 decimal places. Do not include the unit. Do not use comma separators. E.g. 1234.56) (1 mark)
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