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Norman Bates is planning for eventual retirement from the motel business. He plans to make quarterly deposits of $ 1 , 0 0 0 into

Norman Bates is planning for eventual retirement from the motel business. He plans to make quarterly deposits of $

1, 000

into an IRA that offers a guaranteed interest rate of

8

percent. Interest is compounded quarterly. How much will Norman have in his account when he retires in

15

years?

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