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At the end of every year, The Mountaineer Body & Mind Clinic retains all of their annual profits to save up funds to open a
At the end of every year, The Mountaineer Body & Mind Clinic retains all of their annual profits to save up funds to open a new location and expand the population they can serve. They invest these annual profits retained earnings into a money market fund that pays compounded monthly.
You are the practice manager for Mountaineer Body & Mind Clinic and have just completed your accounting and calculated the profits from last year.
You have $ retained earnings to invest in the money market account today.
Looking forward, you anticipate this year's profits will be $ so that is how much you will be able to invest in the account year from today.
You also anticipate you will be able to invest $ years from today and $ years from today.
What is the interest rate r and number of compounding periods n you will use to the future value of today's deposit in years from today?
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