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ss7ja [257]
3 years ago
6

If you put $2,620 in a savings account and make no further deposits, what type of calculation would provide you with the value o

f the account in 28 years?
Business
1 answer:
riadik2000 [5.3K]3 years ago
3 0

Answer:

future value of a lump sum:

Nominal(1+r)^n = FV\\2,620(1+r)^{28} = FV

Explanation:

when there is only a single deposits the formula will be the compounding interest future value of a lump sum

The deposits will generate incoem at a given rate r which, will make it increase their value over the course of time.

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Answer:

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