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a. Suppose you are going to save $500 every month and deposit into your savings account at the end of each month for the next

a. Suppose you are going to save $500 every month and deposit into your savings account at the end of each month for the next 5 years. So, the first deposit will be made one month from now. If the bank pays you an annual interest rate of 7%, how much will you have in your account in 5 years?

b. Calculate the future value if the first payment (deposit) was made immediately.

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