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Homework answers / question archive / I have $500,000 to invest today, and also want to invest $24

I have $500,000 to invest today, and also want to invest $24

Finance

I have $500,000 to invest today, and also want to invest $24.000 a year for the next 20 years. Assuming I can earn 10% on my investments, how much will have in 20 years? Please set up the problem (show your work here), look up the factor and then solve, showing your final answer below.

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Use FV function in EXCEL to find the future value

=FV(rate,nper,pmt,pv,type)

rate=10%

nper=20 years

pmt=24000

pv=500000

=FV(10%,20,-24000,-500000,0)=4738349.96

Future value=$4738349.96

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