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You have just made your first $1,000 contribution to your individual retirement account.Assuming you earn a 10 percent rate of return (compounded semi-annually) and make

You have just made your first $1,000 contribution to your individual retirement account.Assuming you earn a 10 percent rate of return (compounded semi-annually) and make no additional contributions, what will your account be worth in 10 years?What if you only earn a 6 percent rate of return (compounded semi-annually)?What is the effective interest rate on each of the investments?

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