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Solve using MS Excel function and provide computation process of the finance components. Thanks in advance. You believe in the power of compounding and decide
Solve using MS Excel function and provide computation process of the finance components. Thanks in advance.
"You believe in the power of compounding and decide to save $1 per day by avoiding the purchase of a soda. You deposit the $1 at the end of each day in a bank account that pays 8% interest compounded daily. You are going to take a trip in 20 years with the money you have accumulated. How much money will you have in 20 years, assuming 365 days per year?"
Correct answer: $18,032
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