Question: Please do not use an online calculator and solve those two questions with explanations and equations. (The answers are given by the way) You want

Please do not use an online calculator and solve those two questions with explanations and equations. (The answers are given by the way)

You want to save $1500 to travel to Bali in 1 years. How much you need to deposit today in an account that earns 9% interest compounded monthly? (Hint: number of periods is 1 year x 12 months = 12) $1409 $1762 $1187 $1371 What's the Effective Annual Rate of interest for a loan that has an 10% annual percentage rate, compounded bi-monthly? (bi-monthly = every 2 months=6 times a year) 10.43% 12.43% 11.43% 9.43%

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