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A CFO deposits $3 million into a bank savings account offering a 1.3% interest rate that is compounded quarterly. What will the balance of that

image text in transcribed A CFO deposits $3 million into a bank savings account offering a 1.3\% interest rate that is compounded quarterly. What will the balance of that deposit be in millions at the end of 5 years? Round your answer to 2 decimals using no symbols, commas, or other fomattng. For example, an answer of $11.33 million is entered as 11.33 . Your Answer: 3.88

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