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Kelly Malone plans to have $41 withheld from her monthly paycheck and deposited in a savings account that earns 12% annually, compounded monthly. If Malone
Kelly Malone plans to have $41 withheld from her monthly paycheck and deposited in a savings account that earns 12% annually, compounded monthly. If Malone continues with her plan for one year, how much will be accumulated in the account on the date of the last deposit? (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided. Round "Table Factor" to 4 decimal places.)
Periodic Cash Flow | Table Factor | Total Accumulation |
$41? | 12.6825 | =? |
Table Values are Based on: | ||
n= | 12? | |
i= | 1% |
Not sure what table we use. Do we use the future value of an Annuity of 1 Table?
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