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Brief Exercise 5-10 (Algo) Future volue; ordinary annuity [LO5-7] You are saving for a new house. You place $31,000 ihto an investment account each year
Brief Exercise 5-10 (Algo) Future volue; ordinary annuity [LO5-7] You are saving for a new house. You place $31,000 ihto an investment account each year for five years. How much will you have after five years if the account eains (a) 3%, (b) 5% or (c) 7% compounded annually? Note: Use tables, Excel, or a finsncial calculotor. Round your answers to 2 decimal places. (EV of S1, EV or S1. FVA ofS1, and PVA of 51)
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