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A payment of $7,500 was made into an account at the end of every 3 months for 12 years. a. If the
interest rate for the first 5 years was 6.00% compounded monthly, calculate the future value at the
end of the first 5 years.b. If the interest rate for the next 7 years was 5.00% compounded annually,
calculate the future value at the end of the 12 year term. Round to the nearest cent

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  • 1. A payment of $7,500 was made into an account at the end of every 3 months for 12 years. a. If the interest rate for the first 5 years was 6.00% compounded monthly, calculate the future value at the end of the first 5 years.b. If the interest rate for the next 7 years was 5.00% compounded annually, calculate the future value at the end of the 12 year term. Round to the nearest cent