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What would be accumulated amount of the debt in two years

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Cynthia borrowed $46,000 from a local bank at 5% compounded semi-annually to start a business. After 2 years, the interest rate on the debt changed to 4% compounded monthly.

Problem a. What would be the accumulated amount of the debt in 2 years?

Problem b. What would be the accumulated amount of the debt in 4 years?

Reference no: EM132823305

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