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Problem 6. (8 points) a) If $5,000 is invested in an account paying 1% compounded monthly, how much money will be in that account at

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Problem 6. (8 points) a) If $5,000 is invested in an account paying 1% compounded monthly, how much money will be in that account at the end of 3 years? b) If we would like to have $20,000 in 5 years, how much money should we deposit today in an account that pays 2% compounded quarterly

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