Homework Answers
(a) Initial Deposit = $ 732 and Tenure = 3 years, Interest Rate = 7%
Future Value = 732 x (1.07)^(3) = $ 896.731 ~ $ 896.73
(b) Initial Deposit = $ 3725, Interest Rate = 9% and Tenure = 18 years
Future Value = 3725 x (1.09)^(18) = $ 17571.27
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