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10 June, 17:56

John deposited $2,000, at the end of every month for 2 years in a savings account. if the account paid 6% interest, compounded monthly, use table 12-1 from your text to find the future value of his account.

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  1. 10 June, 18:51
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    Using the table that is included in the question you will now the answer by looking at the table. The formula to calculate the future value of this account is Pn = P0 (1 + r) ^n, Pn is the future value of P0, P0 is the original amount invested, r is the rate of interest and n is the number of coumpoundinf periods such as months. The answer in this question is $50,863.92
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