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You currently have $120,000 in a bank account, and you plan to add $5,000 per year at the end of each year over the next
You currently have $120,000 in a bank account, and you plan to add $5,000 per year at the end of each year over the next 10 years to the account. If the bank account earns a return of 7% per year over the next 10 years, how much will you have in the bank account in 10 years? (Clarification: you invest both the $120,000 and the annual annuity of $5,000 over the next 10 years). A) $201,254.96 B) $195,952.56 C) $207,164.18 D) $189,082.24
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