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Unformatted text preview: monthly or 11% compounded annually for a two-year investment? 3. Frank deposited monthly rent receipts of $250 due at the end of each month in a savings account paying 4.5% compounded monthly for four years. Frank made no further deposits, but left the money in the account. a) What will the balance be 12 full years after he made the first deposit? b) How much of that total will be due to rent? c) How much will be interest?...
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- Spring '12