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Daniel makes a deposit of RM12,000 in a bank account. The deposit is to earn interest compounded annually at the rate of 10% for 7

Daniel makes a deposit of RM12,000 in a bank account. The deposit is to earn interest compounded annually at the rate of 10% for 7 years.

(a) Calculate how much will Daniel have at the end of 7 years. (5 marks)

(b) Determine the amount he will have if he considers to deposit in a bank that gives 9% compounded monthly. (5 marks)

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