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You deposit $ 1 0 , 0 0 0 today in a fund that earns interest at j 1 = 4 . 5 % .

You deposit $10,000 today in a fund that earns interest at j1=4.5%. However, at the
end of every year, an expense charge of 0.5% of the accumulated amount of the fund is withdrawn.
How much do you have at the end of 3-years?
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