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Suppose you invest $1,100 in an account paying 4% interest per year.

a. What is the balance in the account after 4 years? How much of this balance corresponds to “interest on interest”?

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b. What is the balance in the account after 33 years? How much of this balance corresponds to “interest on interest”?

a. What is the balance in the account after 4 years? The balance in the account after 4 years is $ 1286.8. (Round to the nearest cent.) How much of this balance corresponds to “interest on interest”? The amount that corresponds to interest on interest $ 176. (Round to the nearest cent.)

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