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Suppose you invest $500/month for 40 years. How much will you have at the end of the 40th year if you earn 5% annually, compounded

Suppose you invest $500/month for 40 years. How much will you have at the end of the 40th year if you earn 5% annually, compounded monthly, on all monies invested.

Group of answer choices

$240,000

$763,807

$763,010

$103,692

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