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1) An individual purchased a 6-year , $10,000 promissory note with an interest rate of 3.5% /year compounded semiannually. How much did the note cost?

1) An individual purchased a 6-year, $10,000 promissory note with an interest rate of 3.5%/year compounded semiannually. How much did the note cost?

2) Find how much money should be deposited in a bank paying interest at the rate of 9.5%/year compounded quarterly so that at the end of 2 years, the accumulated amount will be $70,000.

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