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Frank makes deposits of 200 into an account at the beginning of each year for 15 years. Frank does not make any more deposits or

Frank makes deposits of 200 into an account at the beginning of each year for 15 years. Frank does not make any more deposits or withdrawals from the account. If the effective annual rate of compound interest is 3%, what is the smallest integer N such that the account balance exceeds 5000 at time t = N?

Ans: 25

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