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To purchase a specialty guitar for his band, for the last three years JJ Morrison has made payments of $113 at the end of each

To purchase a specialty guitar for his band, for the last

three years

JJ Morrison has made payments of

$113

at the end of each month into a savings account earning interest at

3.54%

compounded monthly. If he leaves the accumulated money in the savings account for another

year

5.31%

compounded quarterly, how much will he have saved to buy the guitar?

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