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Question 1063  NPV, APR

Below is a screenshot from ASIC’s MoneySmart future value compound interest calculator website.

Image of CML SML graph

It shows that $20 invested (or deposited) into a bank account at the end of every month for 10 years at 5% pa compounding monthly will be worth $3,106 at the end of the 10 years, rounded to the nearest dollar.

Which of the following formulas replicates this result?