Kelly Malone plans to have $50 withheld from her monthly paycheck and deposited in a savings account that earns 12% annually, compounded monthly. If Malone continues with her plan for two and one-half years, how much will be accumulated in the account on the date of the last deposit?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Kelly Malone plans to have $50 withheld from her monthly paycheck and deposited in a savings account
that earns 12% annually, compounded monthly. If Malone continues with her plan for two and one-half
years, how much will be accumulated in the account on the date of the last deposit?

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