Multiple compounding periods (FV): Hector Cervantes started on his first job last year and plans to save for a down payment on a house in 10 years. He will be able to invest $12,000 today in a money market account that will pay him an interest of 6.25 percent on a monthly basis. How much will he have at the end of 10 years?
A) $12,640
B) $22,383
C) $24,839
D) None of the above
Answer: B
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