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☐ A
Suppose that you want to make regular monthly deposits of $300 at the end of each month into a saving
account for 3 years, and want to have 20,000 in the account at the end of the three years term. What is the
interest rate of the account must earn to achieve this?
A. 1.50%
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B. 3.01%
C. 3.26%
D. 12.37%
