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Consider the following future value. (Round your answers to the nearest cent.) $3,788 at 11 7 8 % compounded monthly for 17 years and 7

Consider the following future value. (Round your answers to the nearest cent.) $3,788 at 11 7 8 % compounded monthly for 17 years and 7 months

(a) Find the present value that will generate the given future value.

(b) Interpret the present value. One would have to invest $. now to have the future value in the given time.

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