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When you turned 2, you received $450 which you invested at 7 percent interest, compounded annually. Your investment is now worth $1,000 How old are
When you turned 2, you received $450 which you invested at 7 percent interest, compounded annually. Your investment is now worth $1,000
How old are you today?
Identify the time value of money components given in this problem. (List all items as positive)
Present Value = 450
Future Value = 1000
Interest Rate = 7.00%
Now calculate the time that's elapsed. Remember, in a financial calculator you must use opposite signs on your PV and FV.
T = (use two decimal places)
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