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Question 2 A 5-year savings plan offers a 3% annual interest rate. You decided to deposit an initial amount of $30,000 to this plan. Suppose

"Question 2

A 5-year savings plan offers a 3% annual interest rate. You decided to deposit an initial amount of $30,000 to this plan.

Suppose you could deposit $4,000 at the beginning of each month to the savings plan and interest is compounded monthly, how much would you have after 5 years?"

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