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You find a bond that has a fixed return of 7.8% per year. You invest $5,192 today (and will make no further investments). Your family
You find a bond that has a fixed return of 7.8% per year. You invest $5,192 today (and will make no further investments). Your family trip to Jamaica will cost $11,977 in 20 months, so you hope to make enough to cover the entire trip.
How much compound interest will you have earned after 5 years? Round to the nearest cent.
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