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Whitney borrowed $46,000 from a local bank

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January 5th, 2018

Whitney borrowed $46,000 from a local bank at 3% compounded semi-annually to start a business. After 3 years, the interest rate on the debt changed to 5% compounded monthly.a. What would be the accumulated amount of the debt in 3 years? Round the nearest cent.b. What would be the accumulated amount of the debt in 5 years? Round to the nearest cent.

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