Problem:
On July 1, 2010, Bill invested P into a fund which accumulates at an interest rate of 7% compounded monthly. On July 1, 2012, Judy invested 100 in a fund with a discount rate of 9% compounded quarterly. On July 1, 2010, the sum of the present value sof the two funds is 120.
Required:
Question: Calculate the total combined amount that will be in the two funds on July 1, 2015.
Note: Please show how you came up with the solution.