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What is the accumulated amount

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(a) Find the simple interest on a $500 investment made for 2 years at an interest rate of 8% per year. What is the accumulated amount?

(b) Find how much money should be deposited in a bank paying interest at the rate of 8.5% per year compounded quarterly so that at the end of 5 years the accumulated amount will be $40, 000.

Reference no: EM132614119

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