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Question
To help their son buy a car on his 18th birthday, a boy's parents invest $1600 on his 12th birthday. If the investment pays an annual rate of 11% compounded continuously, how much is available on his 18th birthday?A) $3068.20
B) $3095.67
C) $2992.66
D) $2656.00
E) $22,421.13
Answer
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