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If Bob and Judy combine their savings of $1,100 and $700, respectively, and deposit this amount into an account that pays 1% annual interest,

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If Bob and Judy combine their savings of $1,100 and $700, respectively, and deposit this amount into an account that pays 1% annual interest, compounded monthly, what will the account balance be after 12 years? The account balance in 12 years will be $ (Round to the nearest cent.)

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