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Suppose you just deposited $50 today into Bank of America savings account that has an APR of 6%. Based on simple interest annually, how much will you have in the account after 35 years assuming no withdraw? What would be your answer if the same interest is annual compounding instead?

Based on the information in question and same 6% APR, what is your answer if the bank pays simple interest monthly? What about monthly compounding?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92843165

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