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Q 4 You want to deposit money for your child s education in a certificate of deposit ( CD ) . You need to choose

Q4 You want to deposit money for your childs education in a certificate of deposit (CD). You need to choose between two types of certificate deposits in which to invest money. The two options you have: 1. Account A: $8000 initial deposit with a 6% annual rate compounded annually 2. Account B: $8500 initial deposit with a 5% annual rate compounded continuously Calculate the amount of money each account would have at the end of three years and decide which one you would choose.

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