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Ken planned to make monthly deposits in to a saving account at a nominal rate of 3% compounded monthly for 180 months. The amount of
Ken planned to make monthly deposits in to a saving account at a nominal rate of 3% compounded monthly for 180 months. The amount of deposit is k at the end of the kth month, where k = 1,2,...,180. However, he was unemployed for a short period of time, so he missed the 1st through 10th payments. He made the rest of the payments as planned. How much does Ken have in his saving account at the end of the 180th month after the last deposit? (a) 18,941-18,950 (b) 18,951-18,960 (c) 18,961-18,970 (d) 18,971-18,980 (e) 18,931-18,940
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