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Calculate the future value of $1,000 in a. Four years at an interest rate of 9% per year. b. Eight years at an interest rate

Calculate the future value of $1,000 in

a. Four years at an interest rate of 9% per year.

b. Eight years at an interest rate of 9% per year.

c. Four years at an interest rate of 18% per year.

d. Why is the amount of interest earned in part (a) less than half the amount of interest earned in part (b)?

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