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You have $1,000 invested in an account that pays 16% compounded annually. A commission agent can locate for you an equally safe deposit that will

You have $1,000 invested in an account that pays 16% compounded annually. A commission agent can locate for you an equally safe deposit that will pay 16%, compounded quarterly, for 2 years. What is the maximum amount you should be willing to pay him now as a fee for locating the new account?

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