(Answered) 1 mr jacobs needs 5000 in three years if the interest rate

Finance

1. Mr. Jacobs needs $5,000 in three years. If the interest rate on his investment account is 8.4% compounded monthly, how much should he put into his account at the end of each month to have $5,000 in three years?

2. What is the present value of an annuity that pays $200.00 per month for 5 years if money is worth 6% compounded monthly?

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