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(Related to Checkpoint 6.1) (Future value of an annuity)Imagine that Homer Simpson actually invested the $100,000 he earned providing Mr. Burns entertainment 10 years ago
(Related to Checkpoint 6.1) (Future value of an annuity)Imagine that Homer Simpson actually invested the $100,000 he earned providing Mr. Burns entertainment 10 years ago at 11.5 percent annual interest and that he starts investing an additional $2,500 a year today and at the beginning of each year for 15 years at the same 11.5 percent annual rate. How much money will Homer have 15 years from today?
(Round to the nearest cent.)
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