Problem
1. A piece of machinery depreciates in value by 5% a year. Determine its value in 3 years' time if its current value is $50 000.
2. A principal, $7000, is invested at 9% interest for 8 years. Determine its future value if the interest is compounded
(a) annually
(b) semi-annually
(c) monthly
(d) continuously.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.