A friend tells you she has saved for 7 years and has a present sum of...

A friend tells you she has saved for 7 years and has a present sum of $10,000, which earned at the rate of 8% per year, compounded quarterly, (a) Determine the equivalent amount she had to start with 7 years ago. (b) write the effect function to find the effective rate per year. Use the correct formula and tables, or excel. Please show your work i will rate. Thank you!

Expert Solution

Rahul Sunny answered 2 years ago

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