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You deposit $1,200 into an account that earns 1.75 percent interest in three years. If...

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Finance

You deposit $1,200 into an account that earns 1.75 percent interest in three years. If you deposit an additional $1,200 in the same account 2 years later, how much would be in the account six years from now?

Question 1: Show your explanation of the answer, showing the financial calculator inputs outputs.

Question 2: What is the time value of money? Explaining the concept with your answer to the above Question 1.

Answer & Explanation Solved by verified expert
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