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Question 3 Tom wants to put $10,000 into a bank, and the bank offers three retum scenarios as below: a) 6% annual simple interest; b)
Question 3 Tom wants to put $10,000 into a bank, and the bank offers three retum scenarios as below: a) 6% annual simple interest; b) 5% annual compound interest without covering inflation; c) 3% annual compound interest and covering 1% inflation rate per year. 1. Calculate the total sum of money accumulated after 10 years based on these three scenarios. 2. Plot the accumulated money of these three scenarios at the end of each year for 30 years. In the figure, x-value is the year and y-value is the accumulated money at the end of each year. Necessary line legends are needed to show your results. 3. Interpreting results in the figure you plotted
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