Suppose you invest $1,200in an account paying 5%interest per year. a. What is the balance in the
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Question:
Suppose you invest $1,200in an account paying 5%interest per year.
a. What is the balance in the account after 4years? How much of this balance corresponds to"interest on interest"?
b. What is the balance in the account after 28 years? How much of this balance corresponds to "interest on interest"?
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