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5. You deposit $1,000,000 at 3% per year. What is the balance at the end of one year if the interest paid is 3. simple

5. You deposit $1,000,000 at 3% per year. What is the balance at the end of one year if the interest paid is 3. simple interest bcompounded annually! c compounded quarterly? d. compounded daily! e. Which type of interest would you prefer? Explain

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