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Assume that on 1 January 2015 you deposited $1,000 into a savings account that pays 8% p.a. If the bank compounds interest quarterly, how much

Assume that on 1 January 2015 you deposited $1,000 into a savings account that pays 8% p.a. If the bank compounds interest quarterly, how much will you have in your account on 1 January 2018?

$1,301.15

$1,349.13

$1,372.79

$1,483.09

$1,268.24

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