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Lauren plans to deposit $8,000 into a bank account at the beginning of next month and $200/month into the same account at the end of
Lauren plans to deposit $8,000 into a bank account at the beginning of next month and $200/month into the same account at the end of that month and at the end of each subsequent month for the next 5 yr. If her bank pays interest at the rate of 6%/year compounded monthly, how much will Lauren have in her account at the end of the 5 yr? (Assume she makes no withdrawals during the 5-yr period.) Please round the answer to the nearest cent.
a. $30,173.98
b. $24,744.81
c. $24,071.38
d. $10,598.26
e. $33,702.71
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