Solve the problem.An investment of $13,335 earns 6% interest compounded monthly for 3 years. (a) What is the value of the investment after 3 years? (b) If money can be deposited at 8% compounded quarterly, find the present value of the investment. Round to the nearest cent.
A. (a) $16,957.73
(b) $14,892.16
B. (a) $14,157.47
(b) $12,834.21
C. (a) $15,957.73
(b) $12,582.56
D. (a) $15,878.34
(b) $13,892.16
Answer: C
Mathematics
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