MBF3C - Algonquin Achievement Centre

Haley won $25,000 in a lottery. She will spend some of her winnings now and save the rest. The money Haley saves must amount to $45,000 in 25 years. Haley can invest the money at 6.35% compounded monthly. About how much could Haley spend now? Which is the better investment: 5% compounded monthly or 5.25% compounded annually? ................
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