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You're prepared to make monthly payments of $390, 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 $390, 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 $26,936?

Multiple Choice

  • 51.3

  • 24.37

  • 62.7

  • 57

  • 4.92

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