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Question 1. You deposit $1478 in an interest-bearing bank deposit today. The interest rate is 10% per year. Interest is accrued yearly. How much money

Question 1.

You deposit $1478 in an interest-bearing bank deposit today. The interest rate is 10% per year. Interest is accrued yearly. How much money will you have after 15 years?

Question 2.

You will be paid $151 in year 8. How much would that amount be worth in terms of dollars in year 1? The interest rate is 5%, and compounding is annual.

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