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1)You deposit $500 in an account earning 6% interest compounded annually. How much will you have in the account in 20 years? 2)How much would

1)You deposit $500 in an account earning 6% interest compounded annually. How much will you have in the account in 20 years?

2)How much would you need to deposit in an account now in order to have $5000 in the account in 5 years? Assume the account earns 2% interest compounded monthly.

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