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A certain department store requires its credit-card customers to pay interest on unpaid bills at the rate of 18% per year compounded monthly. If a customer buys a television set for $500 on credit and makes no payments for one year, how much is owed at the end of the year? (Round your answer to the nearest cent.)

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  1. 500(1 + 0.18/12)^(12*1) = ____

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    oobleck

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