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To purchase a specialty guitar for hisband, for the last year year JJ Morrison has made payments of $118 118 at the end of each

To purchase a specialty guitar for hisband, for the last year

year JJ Morrison has made payments of $118

118 at the end of each month into a savings account earning interest at 6.01

6.01% compounded monthly. If he leaves the accumulated money in the savings account for another three years

threeyears at 6.32

6.32% compoundedquarterly, how much will he have saved to buy theguitar?

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