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Time value Personal Finance Problem You have $2,300 to invest today at 5% interest compounded annually. a. Find how much you will have accumulated in
Time value Personal Finance Problem You have $2,300 to invest today at 5% interest compounded annually. a. Find how much you will have accumulated in the account at the end of (1) 2 years, (2) 4 years, and (3) 6 years. b. Use your findings in part a to calculate the amount of interest earned in (1) the first 2 years (years 1 to 2), (2) the second 2 years (years 3 to 4), and (3) the third 2 years (years 5 to 6). c. Compare and contrast your findings in part b. Explain why the amount of interest earned increases in each succeeding 2-year period. a. (1) At the end of 2 years, the amount you will have accumulated is $ (Round to the nearest cent.)
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