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Sam received an inheritance of $15,000 from his grandparents that he deposited into an account earning 5% compounded annually. How much will he have in
Sam received an inheritance of $15,000 from his grandparents that he deposited into an account earning 5% compounded annually. How much will he have in the account 5 years from now if he does not withdraw any of the principal or interest? 20 years? Next assume that the account compounds interest semiannually. How much will he have in the account in 5 years? 20 years?
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