Question: a. At what rate must $400 be compounded annually for it to grow to $900.88 in 12 years? Submit your answer as a percentage and

a. At what rate must $400 be compounded annually for it to grow to $900.88 in 12 years? Submit your answer as a percentage and round to two decimal places.

b. How much money must be put into a bank account yielding 5.25% (compounded monthly) in order to have $6,800 at the end of 11 years? Round to two decimal places.

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