Solve the problem.An investment of $13,335 earns 8% interest compounded monthly for 2 years. (a) What is the value of the investment after 2 years? (b) If money can be deposited at 6% compounded quarterly, find the present value of the investment. Round to the nearest cent.
A. (a) $16,640.46
(b) $15,518.42
B. (a) $15,536.88
(b) $14,518.42
C. (a) $15,640.46
(b) $13,884.21
D. (a) $14,063.02
(b) $14,092.47
Answer: C
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