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Suppose that you borrow $100,000 from a bank that charges 4.5% interest, compounded continuously, over the course of 10 years.

(a) How much will you owe the bank after 10 years?

(b) In order to pay off the loan in 10 years, you decide to set up a savings account that will accrue interest on your deposited money.

Suppose that your account earns 1.56% interest, compounded monthly. What should your monthly deposits be?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92841992

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