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Mr. and Ms. Jones have decided to open a special account for their daughter's university education. They planned to deposit $5,000 to an account at

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Mr. and Ms. Jones have decided to open a special account for their daughter's university education. They planned to deposit $5,000 to an account at the beginning of each year for the next 15 years. The account is expected to earn %8 interest per year compounded annually. a) How much will be accumulated in this account at the end of the 15 years? How much interest will they earn from this investment? b) How much will be accumulated in this account if $5,000 will be deposited to the account at the end of each year? How much interest will they earn from this investment? c) Repeat the case in section (a) assuming that $5,000 is deposited at the beginning of each quarter. d) Repeat the case in section (b) assuming that $5,000 is deposited semi- annually

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