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Derek has an account that pays 5% p.a., based on yearly compounding. He will deposit $2,500 every other year beginning next year and ending in

Derek has an account that pays 5% p.a., based on yearly compounding. He will deposit $2,500 every other year beginning next year and ending in year 9. How much will be in the account at year 9?

why:

R=(1+0.05)^2-1

V9 = 15,338.89

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