An investment plan offers an interest rate of 3.8% per annum compounded monthly. If Darsha wants to have at least $100 000 in her investment account at the end of 5 years, what is the minimum sum that she needs to invest now? Give your answer to the nearest dollar.[2]
Upon withdrawing her investment, Darsha bought a car which costs $120 000. Based on a yearly depreciation rate, \(r\%\), the car’s value decreased to $85 000 after 3 years. Find the value of \(r\).[2]
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