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1. Levon opens a savings account with $ 18,520, at his local bank. The interest rate offered by the bank is 5 34 % compounded

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1. Levon opens a savings account with $ 18,520, at his local bank. The interest rate offered by the bank is 5 34 % compounded quarterly. Calculate the amount of interest he will carn after six years. [4 marks]

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