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1. Pedro, who deposited P500,000.00 today with a financial Institution M, agreed with the latter that Pedro's money shall earn monthly compounded interest. If the

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1. Pedro, who deposited P500,000.00 today with a financial Institution M, agreed with the latter that Pedro's money shall earn monthly compounded interest. If the prevailing interest rate of the Institution M is 8 % compounded yearly, how much will the value of his deposit be after 14 months

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