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You deposited $1,000 in a savings account that pays 8 percent interest, compounded monthly, and...

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Finance

You deposited $1,000 in a savings account that pays 8 percent interest, compounded monthly, and plan to use it to finish your last year in college. Sixteen months later, you decide to go to the Rocky Mountains to become a ski instructor rather than continue in school, so you close out your account. How much money will you receive?

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