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1. The future value of $1,000 compounded annually for 8 years at 12% may be calculated with the following formula:FV = $1,000 * (1 + 12%)^8If the same $1,000 was compounded quarterly, what formula would you use to calculate the FV? (a) FV = $1,000 * (1 + 3%)^8(b) FV = $1,000 * (1 + 12%)^32(c) FV = $1,000 * (1 + 3%)^32(d) FV = $1,000 * (1 + 12%)^2
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