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GIVEN BELOW Given below are the future value factors for 1 at 6 for one to five periods. Interest is compounded annually at 6. What
GIVEN BELOW
Given below are the future value factors for 1 at \6 for one to five periods. Interest is compounded annually at \6. What amount will be in a bank account three years from now if \\( \\$ 12400 \\) is invested each year for four years with the first investment to be made today? \\[ \\begin{array}{l} (\\$ 12400 \\times 1.060)+(\\$ 12400 \\times 1.124)+(\\$ 12400 \\times 1.191)+(\\$ 12400 \\times 1.262) \\\\ \\$ 12400 \\times 1.060 \\times 4 \\\\ \\$ 12400 \\times 1.262 \\times 4 \\\\ (\\$ 12400 \\times 1.191)+(\\$ 12400 \\times 1.124)+(\\$ 12400 \\times 1.060)+\\$ 12400 \\end{array} \\] Step by Step Solution
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