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16. Assume that you purchase a 6-year, 8% savings certificate for $1,000. If interest is compounded annually, what will be the value of the certificate

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16. Assume that you purchase a 6-year, 8% savings certificate for $1,000. If interest is compounded annually, what will be the value of the certificate when it matures? * O A. $630.17 O B. $1,469.33 O C. $1,677.10 O D. $1,586.87 O E. None of the above. 17. Suppose you make 5 annual deposits of $1,000 in a savings account paying 6% compounded annually. The deposits are made at the beginning of each year. What amount would be in your account in year 5? * O A. $6,691.13 O B. $5,637.09 O C. $1,338.23 D. $5,975.32 O E. None of the above

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