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The James Co. plans on saving money to buy some new equipment. The company is opening an account today with a deposit of $15,000. After
The James Co. plans on saving money to buy some new equipment. The company is opening an account today with a deposit of $15,000. After 3 years, the firm plans to add an additional $50,000 to the account. The account expects to earn interest of 4% each year for the first 3 years and an interest of 5% for the last 3 years. How much money will the James Co. have in their account six years from now? (7 marks)
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