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Please show detailed steps. Thank you. 1. (20 pts) (a). Suppose that you took out a $1000 loan over 10 years at a quarterly com-

image text in transcribedPlease show detailed steps. Thank you.

1. (20 pts) (a). Suppose that you took out a $1000 loan over 10 years at a quarterly com- pounded rate of 7.5%. Calculate the total amount of money owed to the bank after 10 years. (b). Calculate the continuously compounded rate of interest equivalent to a 4.7% quarterly compounded rate

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