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Five years from today, you plan to invest $2,950 for 8 additional years at 5.3 percent...

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Finance

Five years from today, you plan to invest $2,950 for 8additional years at 5.3 percent compounded annually. How much willyou have in your account 13 years from today?

Multiple Choice $4,962.80 $4,459.12 $4,845.57 $3,819.12

Answer & Explanation Solved by verified expert
3.9 Ratings (624 Votes)
Solution The formula for calculating the future value of an Investment with compound Interest is P 1 rn n t Where P Principal r    See Answer
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Five years from today, you plan to invest $2,950 for 8additional years at 5.3 percent compounded annually. How much willyou have in your account 13 years from today?Multiple Choice $4,962.80 $4,459.12 $4,845.57 $3,819.12

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