Mathematics

Mathematics, 24.02.2021 21:50, alex281485

Problem #2. (a) Use the compound interest formula to calculate the compound amount of $43,250 invested at 9% interest compounded monthly for 10 years. (b) You want to accumulate the compound amount you calculated in part (a) 5 years from now, instead of 10. Use the present value formula to calculate how much your should invest now at the same interest rate of 9% compounded monthly. Show your work.

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