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Suppose you invest $1,250 in an account paying 8% interest per year. a. What is the balance in the account after 3years? How much of

Suppose you invest $1,250 in an account paying 8% interest per year.

a. What is the balance in the account after 3years? How much of this balance corresponds to "interest on interest"?

b. What is the balance in the account after 31 years? How much of this balance corresponds to "interest on interest"?

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