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Suppose that a loan of $4500 is given at an interest rate of 16% compounded each year. Assume that no payments are made on the

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Suppose that a loan of $4500 is given at an interest rate of 16% compounded each year. Assume that no payments are made on the loan. Follow the instructions below. Do not do any rounding. (a) Find the amount owed at the end of 1 year. $l] (b) Find the amount owed at the end of 2 years. $l]

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