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1. A bank is willing to lend money at 6% interest, compounded annually. How much would the bank be willing to loan you in exchange

1. A bank is willing to lend money at 6% interest, compounded annually.

How much would the bank be willing to loan you in exchange for a payment of $600 4 years from now? Round your answer to the nearest cent.

2. LuAnn Bean will receive $7,000 in 7 years.

What is the present value at 7% compounded annually? Round your answer to the nearest cent.

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