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Sidana [21]
3 years ago
8

Suppose you invest $2500 each year in a savings account that earns 12% per year. How much will be in the account in 10 years?

Business
1 answer:
iVinArrow [24]3 years ago
4 0

Answer:

Final Value= $43,871.84

Explanation:

Giving the following information:

Suppose you invest $2500 each year in a savings account that earns 12% per year.

Number of years= 10

To calculate the final value we need to use the following formula:

FV= {A*[(1+i)^n-1]}/i

A= annual deposit= 2,500

i= 0.12

n=10

FV= {2,500*[(1.12^10)-1]}/0.12= $43,871.84

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