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How long will it take for a deposit of $2,000 to reach a balance of $40,000, if r = 12.40% compounded: a) Annually b) Quarterly
How long will it take for a deposit of $2,000 to reach a balance of $40,000, if r = 12.40% compounded:
a) Annually
b) Quarterly
c) Continuously
(Think about your answers to a) Annually and b) Quarterly in light of your understanding of compounding.)
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