Thursday, November 19, 2009

PS 130

On July 1, 1982, Ms. Fox deposited $10,000 in a new account at the annual interest rate of 12 percent compounded monthly. If no addi¬tional deposits or withdrawals were made and if interest was credited on the last day of each month, what was the amount of money in the account on September 1, 1982?
(A) $10,200
(B) $10,201
(C) $11,100
(D) $12,100
(E) $12,544

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