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Intro Wells Fargo offers a new savings product: You make the following payments over the next 5 years and will then receive a lump sum

Intro

Wells Fargo offers a new savings product: You make the following payments over

the next

5

years and will then receive a lump sum payment

6

years from now.

The annual interest rate is

8 % .

Part

1

What is the future value of your investment in year

6 ?

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