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4 ) Calculate the future value of $1,000 in : a. Four years at an interest rate of 6% per year. b. Eight years at

4 ) Calculate the future value of $1,000 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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