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How much will the account be worth on Mary birthday

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Question - On Alex 16th birthday, her parents invest on her behalf an amount of $4,000 into an account that pays interest at 3.8% compounded semi-annually.

(a) How much will the account be worth on Mary's 21st birthday?

(b) Would Mary be better off if the account paid interest at 3.75% compounded quarterly? Explain.

Reference no: EM132605035

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