Problem #2. (a) Use the compound interest formula to calculate the compound amount of $45,250 invested at 7% interest compounded monthly for 6 years. (b) You want to accumulate the compound amount you calculated in part (a) 3 years from now, instead of 6. Use the present value formula to calculate how much your should invest now at the same interest rate of 7% compounded monthly. Show your work.

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