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Use the compounding or discounting formula to answer the questions. Round answers to the nearest dollar. a. Your small business has a cash reserve of

Use the compounding or discounting formula to answer the questions. Round answers to the nearest dollar.

a. Your small business has a cash reserve of $200,000, earning 2% annual interest. How much will your cash reserve be worth in 3 years?

b. You want $1 million in your retirement account in 50 years. If your account grows at an annual rate of 4%, how much do you have to deposit today to reach $1 million in 50 years?

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