Jessica just received a $5,000 inheritance from her father. She invests the money in her bank's money
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Question:
Jessica just received a $5,000 inheritance from her father. She invests the money in her bank's money market account which earns 4.5% stated annual interest (APR) compounded monthly.
1. After 1 year, what will be the total value in Jessica's money market account?
2. Six months after investing her inheritance, Jessica's van breaks down and needs $2500 in repairs. She decides to withdraw the money from her inheritance account to pay for the repairs. How much money will she have at the end of the year?
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