Carmen is planning to invest $200 in a retirement account at the beginning of each month for the next 20 years. The account is earning 3.15% interest, compounded annually. He used the following formula and variables to solve for the future value of the account after 20 years.
FVOA = Future Value of an Ordinary Annuity
C = 2400
n = 1
t = 20
i = 0.0315
He found that the future value of this account will be $65481.95. Is Carmen's solution correct? If not, explain what he did wrong and provide the correct solution.

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But the interest is still compounded annually? Wouldn't it state if it were compounded per month

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