Question
1a. Wolf Inc. establishes a construction fund on July 1, 2019, by making a single deposit of $360,000. At the end of each year, Wolf
1a. Wolf Inc. establishes a construction fund on July 1, 2019, by making a single deposit of $360,000. At the end of each year, Wolf will deposit an additional $60,000. The fund guarantees a 12% return each year. How much will be in the fund on June 30, 2023? Round your answer to the nearest whole number.
1b. Janice Utley is saving for a real estate investment. If she invests $1,000 now and then at the beginning of each of the next 35 months (36 months in total) at an interest rate of 1% per month, what will be the investment balance at the end of month 36? Round answer to the nearest whole number.
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