The following pair of investment plans are identical except for a small difference in interest rates. Compute the balance in the accounts after 10 and 30 years. Discuss the difference.

Chang invests $1200 in a savings account that earns 3.5% compounded annually. Kio invests $1200 in a different savings account that earns 3.75% compounded annually. After 10 years Chang will have a balance of approximately ? After 30 years Chang will have a balance of approximately ?

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