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You have $5,000 to deposit. Regency Bank offers 15 percent per year compounded monthly (1.25 percent per month), while King Bank offers 15 percent but

You have $5,000 to deposit. Regency Bank offers 15 percent per year compounded monthly (1.25 percent per month), while King Bank offers 15 percent but will only compound annually.

Required:

How much will your investment be worth in 20 years at Regency Bank?

How much will your investment be worth in 20 years at King Bank?

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