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Question 2 (10 marks) (a) Determine the future value of a single sum of $1,000 deposit today with an annual interest rate of 20% compounded

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Question 2 (10 marks) (a) Determine the future value of a single sum of $1,000 deposit today with an annual interest rate of 20% compounded monthly for 15 years. (5 marks) (b) If you require an effective annual interest rate of 12% of an investment and the payment is paid quarterly, what is the quarterly rate (d.yy%)

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