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Suppose you want to have $20,000 in ten years. (a) How much would you have to deposit today in an account that pays 12% interest

Suppose you want to have $20,000 in ten years. (a) How much would you have to deposit today in an account that pays 12% interest compounded annually? (b) How much would you have to deposit if the interest is compounded quarterly? (c) As an investor would you prefer the annual or quarterly compounding? Explain why.

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