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9. You deposit $1,000 today into a savings plan and deposit an additional $30 each quarter (starting in 3 months) for 20 years. If you
9. You deposit $1,000 today into a savings plan and deposit an additional $30 each quarter (starting in 3 months) for 20 years. If you earn 5.25% compounded quarterly, what will your balance be in 20 years?
10. Phil Nelson won the $800,000 lottery and would like to be paid in cash rather than wait for annual payments of $55,000 for 10 years. If money is worth 3%, compounded annually, what is the equivalent cash value of his winnings?
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