Question: To avoid things, a certain company must make a settlement payment of $ 500,000 in 7 years. (a) How much money must be deposited now

To avoid things, a certain company must make a settlement payment

To avoid things, a certain company must make a settlement payment of $ 500,000 in 7 years. (a) How much money must be deposited now into an account paying 5 % annual interest rate compounded monthly to have enough money for the settlement? Please report in two decimal precision. (b) How much money must be deposited now into an account paying 5 % annual interest rate compounded continuously to have enough money for the settlement? Please report in two decimal precision

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