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$3,250 is withdrawn at the end of every month from an account paying 4.1% compounded monthly. determine the previous value of the account, given that withdrawals are made from the account for 30 years. round to the nearest cent. a. $1,170,000.00 b. $2,304,150.99 c. $674,899.66 d. $672,601.61 please select the best answer from the choices provided a b c d



Answer :

The previous value of the account, given that withdrawals are made from the account for 30 years is 672,601.61$.

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If you're a newbie investor and want to start enjoying compound interest as soon as possible with the least amount of risk possible, savings instruments like CDs and savings accounts are the greatest option. Bank-issued CDs are financial products that provide regular interest payments and a low minimum deposit requirement.

Is compound interest advantageous or detrimental?

Compound interest can produce significant wealth over the long term when used in investments with a substantial initial principal and plenty of time for growth. The better it is, the more compounding periods there are (monthly or quarterly rather than annually).

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