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Fund X is payinh simple interest of 7% per year.Fund Y gorws at effective annual compound interest rate of 5% for the first two years, nomial annual compound interest rate of 5.5% per year convertible monthly fir tge next four years and effective annual compound discount rate of 6% thereafter. John deposits 50 today and another 100 in four years from today into fund X. Mary deposits 75 today and an amount of P in six years from today into fund Y.
a) find the effective discount rate during the second year from today for fund X.
b) calculate the amount of interest earned by John from time 4 to time 10 on his investment in fund X.
c) find the amount of P such that at the end of 10 years from today, the accumulated amount of John's deposits into fund X equals the accumulated amount of Mary's deposits into fund Y.
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