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11. Calculate the future value of $7,000 in a. Four years at an interest rate of 6% per year. b.Eight years at an interest rate

11. Calculate the future value of $7,000 in

a. Four years at an interest rate of 6% per year.

b.Eight years at an interest rate of 6% per year.

C. Four years at an interest rate of 12% per year.

d. Why is the amount of interest earned in part (a) less than half the amount of interest earned in part (b)?

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