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Business, 18.09.2019 01:00 JAPONICA

You have just opened a new savings account o§ering a 1.5% interest rate which is compounded annually. (a) if you deposit $500 today and another $650 one year from today, how much money will you have in the account after two years? (b) suppose that a competing bank o§ers a 1.4% rate that is compounded monthly. if you decide to deposit your funds in this bank instead, how much money will you have in two years?

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