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Anestetic [448]
4 years ago
7

If an investor put away $3000 at age 23 rather than age 31, how much more money would he or she have at age 63, assuming a 9 per

cent compound rate of return?
Business
1 answer:
zubka84 [21]4 years ago
8 0

Answer:

FV= $94,228.26

Explanation:

Giving the following information:

Present Value= $3,000

Interest rate= 9% compounded annually

Number of years= 63 - 23= 40 years

<u>To calculate the future value, we need to use the following formula:</u>

FV= PV*(1+i)^n

FV= 3,000*(1.09^40)

FV= $94,228.26

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4 years ago
Both mia and mario produce only the item in which they have a comparative advantage. then they trade one pasta for one pizza. be
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A business subunit that consists of a collection of functions or departments that share responsibility for producing a particula
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3 years ago
In one hour of labor input, South Korea can produce either 100 computer chips or 50 bed linens. In the U.S., in one hour of labo
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