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1.) Equal deposits of $1000 are made at the end of each quarter in an account which earns 9.25% compounded monthly for 18 years. A.)
1.) Equal deposits of $1000 are made at the end of each quarter in an account which earns 9.25% compounded monthly for 18 years.
A.) Using the nominal rate from part b, determine the balance of the account at the end of 18 years.
B.) If no more deposits are made, but the money is left in the account accumulating interest for 4 more years, determine the amount in the account at the end of 22 years. Hint: Use 9.25% compounded monthly.
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