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1. You invest $15,000 at an annual interest rate of 7%. You plan to hold the investment for 6 years. a. Compute the future value

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1. You invest $15,000 at an annual interest rate of 7%. You plan to hold the investment for 6 years. a. Compute the future value (or balance) under simple interest. b. Compute the future value if interest is compounded once per year. C. Compute the future value if interest is compounded monthly (12 times per year)

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