QUESTION 2 On the first day of each month, starting in May, 2007 Smith deposited $1000...

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QUESTION 2 On the first day of each month, starting in May, 2007 Smith deposited $1000 into a bank account. During 2007 the account earned a nominal annual rate of interest of 6% compounded monthly. During 2008 the account earned a nominal annual rate of discount of 6% compounded monthly. On December 1, 2008 Smith made his last monthly deposit. Find the balance in Smith's account on December 31, 2008 after interest is credited to the account. C At least 21,300 Less than 21,000 At least 21,200 but less than 21,300 d. At least 21,100 but less than 21,200 At least 21,000 but less than 21,100 QUESTION 2 On the first day of each month, starting in May, 2007 Smith deposited $1000 into a bank account. During 2007 the account earned a nominal annual rate of interest of 6% compounded monthly. During 2008 the account earned a nominal annual rate of discount of 6% compounded monthly. On December 1, 2008 Smith made his last monthly deposit. Find the balance in Smith's account on December 31, 2008 after interest is credited to the account. C At least 21,300 Less than 21,000 At least 21,200 but less than 21,300 d. At least 21,100 but less than 21,200 At least 21,000 but less than 21,100

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To find the balance in Smiths account on December 31 2008 we need to calculate the future value of t... View the full answer