What is the future value three years hence of ($1,000) invested in an account with a stated
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What is the future value three years hence of \($1,000\) invested in an account with a stated annual interest rate of 8 percent,
a. compounded annually?
b. compounded semiannually?
c. compounded monthly?
d. compounded continuously?
e. Why does the future value increase as the compounding period shortens?
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