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1. (10 points) A homeowner knows that her house will need a new roof in five years and wants to make monthly deposits into an

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1. (10 points) A homeowner knows that her house will need a new roof in five years and wants to make monthly deposits into an account paying 3.75% per year compounded monthly. How much should she deposit at the end of each month so that she will have $11,500 in five years? (Round your answer to the nearest cent.) 2. (10 points) Consider an investment of $1,500 for four years at 3.75% simple interest. a. Find the amount of simple interest earned. b. Find the accumulated amount. 3. (10 points) Lucy agrees to give the building fund $1000 at the end of each year for the next 5 years. Tania wants to match Lucy's gift, but wants to make a lump-sum contribution today. If the current rate is 6% per year compounded annually, how much should Tania contribute? (Round your answer to the nearest dollar.)

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