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How much money will you have at the end of two years

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Problem - Your birthday is coming up and instead of any presents, your parents promised to give you $3,509 in cash. Since you have a part time job and, thus, don't need the cash immediately, you decide to invest the money in a bank term deposit that pays 0.04 percent annual interest rate. Interest rate is compounded quarterly for the next two years. How much money will you have at the end of two years?

Reference no: EM132988891

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