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You're prepared to make monthly payments of $350, beginning at the end of this month, into an account that pays 8 percent interest compounded monthly.

You're prepared to make monthly payments of $350, beginning at the end of this month, into an account that pays 8 percent interest compounded monthly.

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How many payments will you have made when your account balance reaches $20,689? (Do not round your intermediate calculations.)

Multiple Choice

  • 45

  • 22.68

  • 55

  • 50

  • 4.32

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