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1 7 . Your bank account pays an interest rate of 6 percent, but this interest is compounded daily ( use 3 6 5 -

17. Your bank account pays an interest rate of 6 percent, but this interest is compounded daily
(use 365-day basis). You plan to deposit $500 in the account today. You also plan to deposit
$1,000 in the account at the end of the next three years. How much will you have in the
account at the end of three years?

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