Solve the problem.
An investment of $13,335 earns 12% interest compounded monthly for 2 years. (a) What is the future value of the investment? (Use the compound interest table.) (b) If money can be deposited at 6% compounded quarterly, find the present value of the investment.
A. (a) $16,931.85
(b) $15,030.57
B. (a) $14,439.89
(b) $9,462.76
C. (a) $17,931.85
(b) $10,748.77
D. (a) $16,764.27
(b) $9,748.77
Answer: A
Mathematics
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