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A retiree invests $4,000 in a savings plan that pays 4% per year

Finance Oct 14, 2020

A retiree invests $4,000 in a savings plan that pays 4% per year. What will the account balance be at the end of the first year?

Expert Solution

Account balance is as follows;

Future value = Present value ( 1 + r )ⁿ

here,

Present value= $4000

r= 4%

n= 1

Put the values in the formula;

= $ 4,000 x (1+ 4%)^1

= $ 4,160

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