Sam Got a Job at the Brick

question 18

Multiple Choice

Sam got a job at the Brick. He plans to save $500 every month for 3 years to buy a car. The savings account earns 2.25% compounded semi-annually. If he puts the money in his savings account at the end of each month, what will be the present value of the balance in the account at the end of the three-year term?

• A) $18 600.50
• B) $18 408.04
• C) $18 603.37
• D) $17 392.96
• E) $17 390.19

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