Question: Stuart Daniels estimates that he will need $22,000 to set up a small business in 9 years. (a) How much (in $) must Stuart invest

Stuart Daniels estimates that he will need $22,000 to set up a small business in 9 years.

(a)

How much (in $) must Stuart invest now at 8% interest compounded quarterly to achieve his goal?

$

(b)

How much compound interest (in $) will he earn on the investment?

$

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