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Financial contracts involving investments, mortgages, loans, and so on are based on either a fixed or variable interest rate. Assume that fixed interest rates are
Financial contracts involving investments, mortgages, loans, and so on are based on either a fixed or variable interest rate. Assume that fixed interest rates are used throughout this question. Now, assume that Olivia's saving institution modifies the terms of her account and agrees to pay 7.8% in compound interest on her balance. All other things equal, how much money will Olivia have in her account in 11 years?
A. $3,883.79
B. $3,158.60
C. $302.94
D. $1,832.60
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