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for the past 10 years, M has deposited $40 at the end of each month in a savings bank paying 3% compounded semiannually. if the

for the past 10 years, M has deposited $40 at the end of each month in a savings bank paying 3% compounded semiannually. if the policy of the bank is to place each deposit at 3% simple interest on the first of each month and compound semiannually, find the amount to M's credit. ans. 241.50

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