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You are saving for a new car. You place $26,200 into an investment account today. How much will you have after four years if the
You are saving for a new car. You place $26,200 into an investment account today. How much will you have after four years if the account earns (a) 3%, (b) 5%, or (c) 7% compounded annually? (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use tables, Excel, or a financial calculator. Round your answers to 2 decimal places.)
\begin{tabular}{|c|r|r|c|c|c|} \hline & InvestmentAmount & \multicolumn{1}{|c|}{InterestRate} & Compounding & PeriodInvested & Future Value \\ \hline a. & $26,200 & 3% & Annually & 4 years & \\ \hline b. & 26,200 & 5% & Annually & 4 years & \\ \hline c. & 26,200 & 7% & Annually & 4 years & \\ \hline \end{tabular}Step by Step Solution
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