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Balance corresponds to interest on interest

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Reference no: EM131360285

Suppose you invest $1,150 in an account paying 2% interest per year.

a. What is the balance in the account after 4years? How much of this balance corresponds to"interest on interest"?

b. What is the balance in the account after 32years? How much of this balance corresponds to"interest oninterest"?

Reference no: EM131360285

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