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What would be the accumulated amount of debt in three years

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Question - Tiffany borrowed $20,000 from a local bank at 6% compounded semi-annually to start a business. After 3 years, the interest rate on the debt changed to 4% compounded monthly.

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

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

Reference no: EM133013632

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