Let’s assume that a late twentieth century university graduate got a good job and began a savings account.

Let’s assume that a late twentieth century university graduate got a good job and began a savings account. She authorized the bank to transfer $75 each month from her checking account to her savings account. The bank made the first withdrawal 3 July 2007 and is instructed to make the last withdrawal on 3 July 2025. The bank pays a nominal interest rate of 4.5% and compounds twice a month. What is the future worth of the account on 3 July 2025?

Select one:

$24,750

$24,900

$25,050

$25,200

 
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