Question: Answer the following question based on the engineering economic calculation method: a) What will be the balance of your account immediately after the 40th deposit,

Answer the following question based on the engineering economic calculation method:

Answer the following question based on the engineering economic calculation method: a) What will be the balance of your account immediately after the 40th deposit, if every year you deposit $2,000 into an account that earns 2% interest per year? b) How much will you have to repay at the end of six years, If you borrow $3,000 at 6% simple interest per year for seven years

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