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Accumulated amount of the debt

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Reference no: EM131041212

Whitney borrowed $46,000 from a local bank at 3% compounded semi-annually to start a business. After 3 years, the interest rate on the debt changed to 5% compounded monthly.

a. What would be the accumulated amount of the debt in 3 years? Round the nearest cent.

b. What would be the accumulated amount of the debt in 5 years? Round to the nearest cent.

Reference no: EM131041212

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