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Task 2) Suppose you invest $1300 in an account paying 9 % simple interest rate per year. What is the balance in the account after

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Task 2) Suppose you invest $1300 in an account paying 9 % simple interest rate per year. What is the balance in the account after 7 years? How much of this balance corresponds to "interest on interest", and how much is the real interest rate if the inflation rate is 7%

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