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You are contributing money to an investment account so that you can purchase a house in five years. You plan to contribute six payments of
You are contributing money to an investment account so that you can purchase a house in five years. You plan to contribute six payments of $3,000 a year the first payment will be made today (t=0), and the final payment will be made five years from now (t=5). If you earn 11 percent compounded QUARTERLY in your investment account, how much money will you have in your account FIVE years from now? (at t=5)
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