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Mark Welsch deposits $6,700 in an account that earns interest at an annual rate of 4%, compounded quarterly. The $6,700 plus earned interest must remain
Mark Welsch deposits $6,700 in an account that earns interest at an annual rate of 4%, compounded quarterly. The $6,700 plus earned interest must remain in the account 4 years before it can be withdrawn. How much money will be in the account at the end of 4 years? (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided. Round FV factor to 4 decimal places.) |
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