(Answered) Suppose you invest 1100in an account paying 7interest per

Finance

Suppose you invest $1,100in an account paying 7%interest per year.

a. What is the balance in the account after 3years? How much of this balance corresponds to"interest on interest"?

b. What is the balance in the account after 29 years? How much of this balance corresponds to "interest on interest?

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