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(Future value of an annuity)Imagine that Homer Simpson actually invested the $110,000 he earned providing Mr. Burns entertainment 8 years ago at 6 percent annual
(Future value of an annuity)Imagine that Homer Simpson actually invested the
$110,000
he earned providing Mr. Burns entertainment
8
years ago at
6
percent annual interest and that he starts investing an additional
$2,500
a year today and at the beginning of each year for
20
years at the same
6
percent annual rate. How much money will Homer have
20
years from today?
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