Problem Two: With the goal of starting your own business, you plan to save $5,250...
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Problem Two: With the goal of starting your own business, you plan to save $5,250 on a semi-annual basis in an interest-bearing account with an annual interest rate of 3.25%. (a) If you plan to starting your own business in 7 years, how much money will you have then assuming semi-annual compounding? (b) If you decide to reinvest your funds at maturity for an additional 3 years, under monthly, and an annual interest rate of 2.75%, how much money will you have at the end of the reinvestment process? (3 Points)
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