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3. Suppose a firm is putting $275,000 into a savings account that pays 5% interest compounded quarterly. The firm expects to leave the money in

3. Suppose a firm is putting $275,000 into a savings account that pays 5% interest compounded quarterly. The firm expects to leave the money in this account for seven years. How much will be in the account at the end of the seven years? Show your work.

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