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An initial deposit of $ 3 1 , 0 0 0 grows at an annual rate of 6 % for 2 3 years. Compare the

An initial deposit of $

31, 000

grows at an annual rate of

6 %

for

23

years. Compare the final balances resulting from continuous compounding and annual compounding.

(

Round your answers to the nearest cent.

)

from continuous compounding $

from annual compounding $

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