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Twenty years ago, your grandfather deposited $800 in a savings account earning 5% annually, with interest compounded on a quarterly basis. What is that savings
Twenty years ago, your grandfather deposited $800 in a savings account earning 5% annually, with interest compounded on a quarterly basis. What is that savings account worth today? What would the savings account be worth if interest were compounded monthly? Interpret both values.
Pasture land in the Tiger County is selling for $3,000 per acre. If the value increases 4% per year, what will the value be in 20 years? Interpret.
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