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Erik receives an eight-year annuity-immediate with monthly payments. The first payment is $300 and payments increase by $7 each month. The payments are deposited in

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Erik receives an eight-year annuity-immediate with monthly payments. The first payment is $300 and payments increase by $7 each month. The payments are deposited in an account earning interest at a nominal rate of 3% convertible monthly. What is the balance in the account at the end of the eight years? (Round your answer to the nearest cent.) $

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