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Four years ago a deposit of 100 was made into an account it

Question: Four years ago, a deposit of 100 was made into an account. It accumulated simple interest annually at 3% for 4years. Suppose all funds currently in the account are withdrawn and placed ina new account which accumulates compound interest at an annual effective rate of 3%per year. What will be the accumulated value of the funds in the new account after six years?

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Finance Basics: Four years ago a deposit of 100 was made into an account it

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