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a. You deposit $1,200 in your bank account. If the bank pays 5% simple interest, how much will you accumulate in your account after 8

a.

You deposit $1,200 in your bank account. If the bank pays 5% simple interest, how much will you accumulate in your account after 8 years?

Future value $

b.

What if the bank pays compound interest (annually)? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Compound interest $

c.

How much of your earnings will be interest on interest? (Round your answer to 2 decimal places.)

Interest on interest $

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