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Anthony and Michelle Constantino just got married and received $32,000 in cash gifts for their wedding. How much will they have on their 25th anniversary

Anthony and Michelle Constantino just got married and received

$32,000

in cash gifts for their wedding. How much will they have on their

25th

anniversary if they place half of this money in a fixed-rate investment earning

7

percent compounded annually? Would the future value be larger or smaller if the compounding period was 6 months? How much more or less would they have earned with this shorter compounding period?

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