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4. Suppose you deposit $4,000 into an account earning 5% interest, compounded monthly. a. How many years will it take for your account to be

4. Suppose you deposit $4,000 into an account earning 5% interest, compounded monthly. a. How many years will it take for your account to be worth $8,500? b. Suppose in addition to the initial $4,000 deposit, you will make monthly contributions of $50. How many years will it take for the account to grow to $8,500 in this case?

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