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11000 in an account earning 97 simple interest after 5

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Menkaura invests $11000 in an account earning 9.7% simple interest. After 5 years, he moves the balance into a compounded account offering 8.7% APY for an additional 8 years. The compounding is annual.

a) Find the account balance after 5 years. $

b) Find the account balance after the additional 8 years. $

Reference no: EM13566707

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