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assume that 1 year from now, you will deposit $1000 into a savings account that pays 8% a). If the bank compounds interest annually, how

assume that 1 year from now, you will deposit $1000 into a savings account that pays 8%

a). If the bank compounds interest annually, how much will you have in your account 4 years from now?

b). What would your balance be 4 years from now if the bank used quarterly compounding rather than annual compounding?

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