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9 November, 13:22

You are depositing $1,234 in a saving account now and two years from now you deposit another $2,345 into the same savings account that earns 3.456% annual interest.

How much money will you have at the end of 8 years?

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Answers (1)
  1. 9 November, 16:07
    0
    4,494.68

    Explanation:

    Formula

    Fc = Ic (1+i) ^ n

    Where;

    Fc = Final Capital

    Ic = Inicial Capital

    i = interest rate

    n = period

    In this particular case:

    Fc = 1234 (1+0.034556) ^ 8 + 2345 (1+0.03456) ^ 6

    Fc = 4,494.68
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