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Jackson deposits $220 each month into a savings account earning interest at the rate of...

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Question

Accounting

Jackson deposits $220 each month into a savings account earning interest at the rate of 5% per year compounded monthly. How much will he have in this account at the end of 7 years?

a) $22,071.30

b) $22,075.30

c) $22,076.30

d) $22,074.30

e) $22,072.30

f) None of the above.

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