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7. For the past 10 years, M has deposited $40 at the end of each month in a gavings bank paying 3% compounded semiannually. If

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7. For the past 10 years, M has deposited $40 at the end of each month in a gavings bank paying 3% compounded semiannually. If the poliey of the bank is to place each deposit at 3% simple interest on the first of each month and compound gemiannually, find the amount to M 's eredit. A ns. 241.50201.01s

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