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Withheld from paycheck for a retirement fund

Question: An employee gets paid at the end of each month and $60 is withheld from her paycheck for a retirement fund. The fund pays 1% per month (equivalent to 12% annually compounded monthly). What amount will be in the fund at the end of 30 months?

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Finance Basics: Withheld from paycheck for a retirement fund

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Finance Basics: Withheld from paycheck for a retirement fund

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