Question
You are 20 years old. You deposit $200 per month for 8 years into an account paying 12 percent annual rate, compounded monthly. After that,
You are 20 years old. You deposit $200 per month for 8 years into an account paying 12 percent annual rate, compounded monthly. After that, you stop making any new deposits but leave the money in the account, earning the same rate. How much money will be in the account when you become 56 years old?
A.$1,452,785
B.$1,058,679
C.$763,410
D.$1,213,776
E.$905,595
F.$1,354,505
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Managerial Accounting
Authors: Wendy M. Tietz, Louis Beaubien, Karen W. Braun
3rd Canadian edition
