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You are planning to make monthly deposits of $140 into a retirement account that pays 8 percent interest compounded monthly. If your first deposit will

You are planning to make monthly deposits of $140 into a retirement account that pays 8 percent interest compounded monthly. If your first deposit will be made one month from now, how large will your retirement account be in 16 years?

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$50,944.80

$54,209.28

$650,511.37

$56,919.74

$51,498.82

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