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Billy Deposits $500 Every 3-Months in a Fund Earning Interest

Question 59

Multiple Choice

Billy deposits $500 every 3-months in a fund earning interest at j4 = 8%.After 24 deposits,the interest rate changes to j4 = 6%.What is the accumulated value at the time of the 40th deposit?


A) $29,847.53
B) $28,692.67
C) $28,268.64
D) $24,177.12

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