Finite Mathematics Quiz
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MATHEMATICS OF FINANCE
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Person A and Person B each set up an investment account with identical terms: monthly deposits of $200 for 20 years at an annual interest rate of 6%, compounded monthly. Person A makes payments at the end of each month (an ordinary annuity). Person B makes payments at the beginning of each month (an annuity due). What is the value of Person A's account at the end of the 20-year term?
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