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What is the Future Value of 2500 KWD in a bank account that pays 15% monthly, for 5 years?
What is the Future Value of 2500 KWD in a bank account that pays 15% monthly, for 5 years?
Expert Solution
Number of periods = 5 * 12 = 60
Monthly rate = 15% / 12 = 1.25%
Future value = Present value (1 + rate)^periods
Future value = 2,500 (1 + 0.0125)^60
Future value = 2,500 * 2.10718
Future value = $5,267.95
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