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What will be the future value in 5 years of an amount of $1,000 invested at an interest rate of 1% per month for 2
What will be the future value in 5 years of an amount of $1,000 invested at an interest rate of 1% per month for 2 years, then at an annual nominal rate of 6% compounded monthly?
a) $1,600.00
b) $1,494.01
c) $1,512.27
d) $1,214.96
e) $1,519.47
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