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    Compound Interest

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    What is the formula to use to calculate compound interest on an HP 10B II calculator?

    If I have a bank account that has 500 dollars in it at 6.2% what will I have in my account in 5 years?

    Now assume the bank account earns compound interest but compounded quarterly (four times a year), assuming a 6.2% nominal int. rate, componded quarterly, how much will be in my account after five years?

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    This solution provides a detailed, step-by-step explanation of the given finance problem.