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An initial deposit of $40,000 grows at an annual rate of 7% for 35 years. Compute the final balances resulting from continuous compounding and annual

An initial deposit of $40,000 grows at an annual rate of 7% for 35 years. Compute the final balances resulting from continuous compounding and annual compounding. (Round your answers to the nearest cent.)

annual compounding $

continuous compounding $

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