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10 September, 13:46

What is the future value of $7,189 invested for 23 years at 9.25 percent compounded annually?

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  1. 10 September, 15:17
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    Formula: FV = PV (1+r) ^n

    FV is the future value, PV is the present value (which is $7189 in our case), r is the interest (9.25%), and n is the number of periods (23)

    FV = $7189 (1 + 0.0925) ^23 = $54999.879
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