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Swope Company invested $12,000 for 13 years at 9% with interest compounded annually.Swope will receive the entire amount (principal plus interest) at the end of

Swope Company invested $12,000 for 13 years at 9% with interest compounded annually.Swope will receive the entire amount (principal plus interest) at the end of the 13-year period. What is the future value of this single sum using the formula approach?

PV*(1 + i/y)^N

compute the future value of the single sum using the future value formula

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