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(a) If interest is compounded monthly, how many times would the growth factor be applied in 3 years? The growth factor will need to be

(a) If interest is compounded monthly, how many times would the growth factor be applied in

years?

The growth factor will need to be applied

times in

years.

(b) If interest is compounded monthly, how many times would the growth factor be applied in 7 years?

The growth factor will need to be ___applied times in 7 years.

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