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QUESTION
You are putting money in a savings account at the local bank which pays interest at the annual rate of 3%, but compounds it every month.
You are putting money in a savings account at the local bank which pays interest at the annual rate of 3%, but compounds it every month. You make the deposits on the first day of every month, starting with $500. However, you increase the deposits by 1% every month. What is the balance in the account after 12 months?
