1. If I have $475.25 today, assuming annual compounding, how much will it be worth in 3 years, using a 2.5% rate? Show the appropriate variable values, and then solve using the future monetary value formula.
2. After 7 years, I anticipate having the amount of $752.40. Assuming a discount rate of 7.0%, what is the equivalent monetary amount in terms of present worth? Show the appropriate variable values, and then solve using the current monetary value formula.