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If you put $10,000 in a savings account that pays interest at the rate of 5 percent, compounded annually, how much will you have in
If you put $10,000 in a savings account that pays interest at the rate of 5 percent, compounded annually,
- how much will you have in 4 years? Round the answer to the nearest cent. Round FV-factor to three decimal places or use theAppendix B.
(Hint:Use thefuture valueformula.)
- how much interest will you earn during the 4 years? Round the answer to the nearest cent.
- If you put $10,000 at the end ofeachyear into a savings account that pays interest at the rate of 5 percent a year, how much would you have after 4 years? Use theAppendix B. Round the answer to the nearest cent. Round FV-factor to three decimal places.$
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