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A payment of $4,500 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 4.00% compounded monthly, calculate the future value at the end of the first 5 years.
Round to the nearest cent
b. If the interest rate for the next 7 years was 6.00% compounded annually, calculate the future value at the end of the 12 year term.
Round to the nearest cent
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