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i. You deposit $5000 in an account earning 5% interest compounded monthly. How much will you have in the account in 5 years? ii. Suppose

i. You deposit $5000 in an account earning 5% interest compounded monthly. How much will you have in the account in 5 years?

ii. Suppose you want to have $400,000 for retirement in 20 years. Your account earns 8% interest. How much would you need to deposit in the account each month?

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