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If you invest $20,000 at an annual interest of 10% for 7 years, how much money (to the nearest dollar) would you have accumulated ?
If you invest $20,000 at an annual interest of 10% for 7 years, how much money (to the nearest dollar) would you have accumulated ?
Expert Solution
Answer:
Calculation of the accumulated balance in 7 years:
Formula,
Future value = Present value x (1+rate)^n
= $20,000 x (1+0.10)^7
= $20,000 x 1.10^7
= $20,000 x 1.9487171
= $38,974.34
The accumulated balance in 7 years is $38,974 (Answer) .
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