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You placed $6,250 in a savings account today that earns an annual interest rate of 7 percent compounded annually. How much you will have in

You placed $6,250 in a savings account today that earns an annual interest rate of 7 percent compounded annually. How much you will have in this account at the end of 32 years? Assume that all interest received at the end of the year is reinvested the next year.

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