What is the account balance, Accounting Basics

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What is the account balance

Question: An employee is 25 years old and starting a 401k plan. The employee is going to invest $150 each month. The account is expected to earn 5.5% interest, compounded monthly. What is the account balance, rounded to the nearest dollar, after two years? A spreadsheet was used to calculate the correct answer. Your answer may vary slightly depending on the technology used. $3,976 $3,796 $6,675 $6,765

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Accounting Basics: What is the account balance

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