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Sarah makes an annual deposit of $2,500 at the end of each year for the next 20 years. The bank pays interest at 3% pa.

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Sarah makes an annual deposit of $2,500 at the end of each year for the next 20 years. The bank pays interest at 3% pa. compounded monthly. Calculate the balance of Sarah's bank account in 20 years. (Correct to the nearest cent.) (3 marks) 8

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