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CALCULATING FUTURE VALUE 1. You invest $5,000 today (time 0) at your local bank towards a down-payment on a car. You want to know what

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CALCULATING FUTURE VALUE 1. You invest $5,000 today (time 0) at your local bank towards a down-payment on a car. You want to know what it will be worth in 3 years when you expect to need a new car. The long-term CD rate you choose for a 3-year term is 3%. a. What is the formula for calculating the future value? b. Calculate the future value using the formula. c. Calculate the future value using your calculator / app. Does it match the value you calculated in c? 2. You have $15,000 today. What is the value after 10 years at 6% compound interest

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