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4. Stephen makes monthly deposits of $500 in a savings account that pays interest at a rate equivalent to 8% compounded quarterly. How much money

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4. Stephen makes monthly deposits of $500 in a savings account that pays interest at a rate equivalent to 8% compounded quarterly. How much money should be in the account immediately after the sixtieth deposit? If no interest is earned on money deposited during a quarter and the first deposit coincides with the beginning of a quarter, what will be the account balance immediately after the sixtieth deposit

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