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(Related to Checkpoint 6.1) (Future value of an annuity)Imagine that Homer Simpson actually invested the $170,000 he earned providing Mr. Burns entertainment 6 years ago
(Related to Checkpoint 6.1) (Future value of an annuity)Imagine that Homer Simpson actually invested the
$170,000
he earned providing Mr. Burns entertainment
6
years ago at
9.5
percent annual interest and that he starts investing an additional
$1,600
a year today and at the beginning of each year for
5
years at the same
9.5
percent annual rate. How much money will Homer have
5
years from today?
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