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Suppose you save $100 each month into a savings account with the annual interes rate5%.So, the monthly interest rate is after the first month,the value in the account becomes 100*(1+0.00417)=100.4417 After the second month, the value in the account becomes (100+100.417)*(1+0.00417)=201.252 After the third month ,the valiue in the account … |