Question: Problem 5-5 Future Values (LO1) You deposit $1,100 in your bank account. a. If the bank pays 3% simple interest, how much will you accumulate

Problem 5-5 Future Values (LO1)

You deposit $1,100 in your bank account.

a. If the bank pays 3% simple interest, how much will you accumulate in your account after 9 years?

b. How much will you accumulate if the bank pays compound interest? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

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