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# An employee has $64 withheld from each monthly paycheck that is deposited in an account. The account earns 12% interest annually, and the interest

## An employee has $64 withheld from each monthly paycheck that is deposited in an account. The account earns 12% interest annually, and the interest is compounded monthly. Assuming the employee makes deposits for one years, determine the total account balance on the date of the final deposit. Note: Use factor(s) from tables provided. Round final answer to 2 decimals. Round "Table Factor" to 4 decimals. (PV of $1, FV of $1. PVA of $1, and FVA of $1) $ Periodic Deposit Table Values are Based on: 64 x Table Factor Total Accumulation n = 12 =

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To calculate the total account balancewell use the formula for the future value of an annuity FVA Given Periodic Deposit P 64 Interest Rate r 12 annua...### Get Instant Access to Expert-Tailored Solutions

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