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How Much Money Must You Pay into an Account at the Beginning

Question 34

Multiple Choice

How much money must you pay into an account at the beginning of each of five years in order to have $5,000 at the end of the fifth year? Assume that the account pays 12% per year,and round to the nearest $10.


A) $700
B) $1,390
C) $1,550
D) $790

Correct Answer:

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