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You deposit $10,000. How much will you have in 4 years at (a) 8% compounded annually, and (b) at 12% compounded annually?
A savings and loan association offers depositors a $10,000 lump- sum payment 4 years hence.
a. How much will you be willing to deposit if you desire an interest rate of 8% compounded annually? (b) How much at an interest rate of 12%?
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