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Suppose that $6500 is placed in an account that pays 17% interest compounded each year. Assume that no withdrawals are made from the account.

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Answer: $7,605

Step-by-step explanation:

At the end of 1 years, the amount in the account will be:

= Principal * (1 + rate)^ no. of periods

= 6,500 * (1 + 17%)

= $7,605

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