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Your cousin, I.M. Smart, has found a bank savings account that pays 8% interest per year, compounded quarterly (in other words, 4 times a year).
Your cousin, I.M. Smart, has found a bank savings account that pays 8% interest per year, compounded quarterly (in other words, 4 times a year). He too, has just deposited $1,000. Show calculations
How much will your account be worth in a year? ___________
In three years? ______________
In ten years? _______________
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