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First City Bank pays 7% interest on its savings accounts, compounded quarterly. If you deposit...

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Accounting

First City Bank pays 7% interest on its savings accounts, compounded quarterly. If you deposit $6,000 in the bank, how much will you have in 5 years? Recalculate if the bank compounds monthly.

At a 6% interest rate, how long would it take for your money to quadruple?

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