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One of your customers is delinquent on his accounts payable balance. You've mutuality agreed to a repayment schedule of $500 per month. You will charge

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One of your customers is delinquent on his accounts payable balance. You've mutuality agreed to a repayment schedule of $500 per month. You will charge 1.65 percent per month interest on the overdue balance. If the current balance is $15,500, how long will it take for the account to be paid off? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) You are planning to make annual deposits of $5,730 into a retirement account that pays 9 percent interest compounded monthly. How large will your account balance be in 25 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

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