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You deposited $5,000 in a savings account at the beginning of a month that pays 4 percent nominal interest (APR), compounded quarterly, planning to use
You deposited $5,000 in a savings account at the beginning of a month that pays 4 percent nominal interest (APR), compounded quarterly, planning to use it to finish your last year in the MBA program.Some months later, you decide to go to theRocky Mountainsto become a ski instructor rather than continue in school, so you close out your account at the end of a month that is now worth $5307.60.How many months did you leave your money in the savings account (round to the nearest full month)?
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