Question: When Dan signed a three-year contract as a manager, the company allowed reimbursement of $480 at the end of every month for his car expenses.

When Dan signed a three-year contract as a manager, the company allowed reimbursement of $480 at the end of every month for his car expenses. At the time the contract was signed, money was

worth 9.35% compounded monthly

(a) What value did the expense reimbursement provision have when the contract was signed?

(b) What is the outstanding value of the reimbursement after the 7th payment?

(a) The value was______ $

(Round to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

(b) The outstanding value is_____ $

(Round to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

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