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You're prepared to make monthly payments of $380, 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 $380, beginning at the end of this month, into an account that pays 8 percent interest compounded monthly.

How many payments will you have made when your account balance reaches $22,992?

Multiple Choice

  • 56.1

  • 45.9

  • 51

  • 22.93

  • 4.4

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