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Ed buys a TV from Al for 480 by paying 50 in cash, 100 every three months for one year (four payments of 100), and
Ed buys a TV from Al for 480 by paying 50 in cash, 100 every three months for one year (four payments of 100), and a final payment in 15 months (three months after the final quarterly payment). Find the amount of the final payment if Al earns a 3- month compound interest rate of 3%. What is the final payment if Al earns a one-month rate of 1%?
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