Peter deposits $500 at the END of every month for 3 years in a savings account. The account pays 12% interest, compounded monthly. Peter calculates that the future value of the ordinary annuity is $21,538.44. What would be the future value if deposits were made at the BEGINNING of each period rather than the END? (Calculate the future value by formula)
A) $21,753.83
B) $25,734.44
C) $22,273.44
D) $22,349.85
A
Business
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