# 1. The City Library has ordered a new computer system costing \$158,...

## Question

1. The City Library has ordered a new computer system costing \$158,000. The system will be delivered in 6 months, and the full amount will be due 30 days after delivery. How much should be deposited today into an account paying 7.5% compounded monthly to have \$158,000 in 7 months?

2. Jon's grandfather was planning to give him \$12,000 in 10 years. Jon has convinced his grandfather to pay him \$6,000 now, instead. If Jon invests this \$6,000 at 7.5% compounded continuously, how much money will he have in 10 years?

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