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1. If $15,000 is deposited in the bank today at 10% compounded annually, what will the balance be in 5 years? 2. A company needs

1. If $15,000 is deposited in the bank today at 10% compounded annually, what will the balance be in 5 years?

2. A company needs $110,000 to retire bonds. What amount must be deposited on Jan. 1, 2004 at 12% interest compounded semiannually in order to accumulate the desired sum by Jan. 1, 2011?

Please show work. Thank you!

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