Required information Problem 01.034 Simple and Compound Interest Durco Automotive needs a $1 million balance in its contingency fund 3 years from now. The chief financial officer (CFO) wants to know...

Solve both the subparts but not use excel.

Extracted text: Required information Problem 01.034 Simple and Compound Interest Durco Automotive needs a $1 million balance in its contingency fund 3 years from now. The chief financial officer (CFO) wants to know how much to deposit now into Durco's high-yield investment account. Problem 01.034.a Simple and Compound Snterest Determine the amount if it grows at a rate of 8% per year using simple interest. The amount if it grows at a rate of 8% per year using simple interest is $


Extracted text: Required information Problem 01.034 Simple and Compound Interest Durco Automotive needs a $1 million balance in its contingency fund 3 years from now. The chief financial officer (CFO) wants to know how much to deposit now into Durco's high-yield investment account. Problem 01.034.b Simple and Compound Interest Determine the amount if it grows at a rate of 8% per year using compound interest. The amount if it grows at a rate of 8% per year using compound interest is $