Question: 1 . ( 2 points ) Assume $ 1 , 2 0 0 is deposited in an interest bearing account at a bank. The interest

1.(2 points) Assume $1,200 is deposited in an interest bearing account at a bank. The interest rate is 8%, compounded quarterly, and the money can stay in the account for up to 20 years. The depositor can withdraw at any time after one year. How much is the account worth at the end of 9 years?

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