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Homework answers / question archive / 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 ?

Finance

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 ?

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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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