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Ronnie Rental plans to invest $100 at the beginning of each month for 3 years into an account that pays 8% APR compounded monthly. He

Ronnie Rental plans to invest $100 at the beginning of each month for 3 years into an account that pays 8% APR compounded monthly. He will use this money as a down payment on a new home in 3 years. How large will his down payment be three years from today? What is the effective annual rate of this account?(Step-by-step calculations should be provided.)

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