$765.13 is deposited at the beginning of each month for 2 years in an account paying 12% interest compounded monthly. Find the amount of the account. Round your answer to the nearest cent.

Because deposits are made at the beginning of each month, this is an annuity due. The monthly interest rate is 12% ÷ 12 = 1%, and there are 2 × 12 = 24 deposits. The future value is $765.13 × [((1.01)^24 − 1) ÷ 0.01] × 1.01 = $20,844.59, so the correct choice is $20,844.59.

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