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You are considering making a one - time deposit of $ 6 , 4 0 4 today, in a bank that offers an interest rate

You are considering making a one

-

time deposit of $

6, 404

today, in a bank that offers an interest rate of

3 %

APR. If you leave your money invested for

7

years, how much money will you have at the end of this period? Consider monthly compounding.

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