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Suppose an account pays 1 2 % simple annual interest, and $ 6 , 3 1 6 is deposited into the account. If the interest

Suppose an account pays

12 %

simple annual interest, and $

6, 316

is deposited into the account. If the interest is paid annually and no money is withdrawn from the account since the initial deposit, find the balance in the account after

5

years. Round answer to two digits after the decimal point.

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