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(CHAPTER 6) Your uncle is planning to retire in 5 years. To prepare for that, for the next 5 years he will be investing $6,000
(CHAPTER 6) Your uncle is planning to retire in 5 years. To prepare for that, for the next 5 years he will be investing $6,000 at the beginning of each year into a retirement account. How much will your uncle have in the account when he retires? The interest rate in the retirement account is 4% per year. RETI In the problem above I am working with (pick from the list below) 1 a single cash flow (like in Chapter 5) 2 multiple different cash flows 3 an annuity 4 a perpetuity In the problem above I need to calculate the (pick from the list below) 1 Future Value 2 Present Value 3 number of time periods, or number of cash flows 4 interest rate 5 dollar amount of the repeating cash flow (Increase decimal places for any intermediate calculations, from the default 2 to, for example, 6 or even higher. The more the better! Only round your final answer to TWO decimal places: for 10,000.23.) In the problem above my numerical answer is $
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