+ BI A OD - 15 E - EE* 5 13 6 2. You Invest $2200 in an account that pays an APR of 3%. (a) What is the value of the investment after three years of Interest is compounded yearly? Round your answer to the nearest cent. The value of the investment after three years is $ ? (answer is NOT 204.60) (b) What is the value of the investment after three years if interest is compounded monthly? Round your answer to the nearest cent. The value of the investment after three years is $ answer is Not 206.80) c) Compute the amount earned on $200,000 invested at 3.26% APR in one year if compounding is taking place daily. (Round your answer to the nearest cent.) 2 $ ? (answer is NOT 206,627.14) d) Rounding in the calculation of monthly interest rates is discouraged. Such rounding can lead to answers different from those presented here. For long-term loans, the differences may be pronounced. You find that the going rate for a home mortgage with a term of 30 years is 4.5% APR. The lending agency says that based on your income, your monthly payment can be at most $790. How much can you borrow? (Round your answer to the nearest cent.) $ 71