Solution-What is the balance in the account

What is the balance in the account

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Reference no: EM131360256

Suppose you invest $1,200 in an account paying 5%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 28 years? How much of this balance corresponds to "interest on interest"?

Reference no: EM131360256

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What is the balance in the account

Reference no: EM131360256

Reference no: EM131360256

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