You have just invested $3,000 into an account that will earn a 9% APR compounded monthly. You
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Question:
You have just invested $3,000 into an account that will earn a 9% APR compounded monthly. You want to have exactly $8,000 in the account at the end of 5 years. The account allows you to make one deposit at the end of the first year. In order to have exactly $8,000 at the end of year 5, how much must you deposit at the end of the first year?
- a.$2,848.35
- b.$2,613.17
- c.$2,307.49
- d.$3,384.13
- e.None of the above answers is within $50 of the correct amount
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