Solve the problem.
An investment of $13,335 earns 12% interest compounded monthly for 3 years. (a) What is the future value of the investment? (b) If money can be deposited at 8% compounded quarterly, find the present value of the investment.
A. (a) $19,079.32
(b) $15,043.85
B. (a) $18,890.40
(b) $8113.76
C. (a) $20,079.32
(b) $9113.76
D. (a) $15,026.21
(b) $7495.86
Answer: A
Mathematics
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