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9 October, 11:20

You deposit $2000 each year into an account earning 6% interest compounded annually. How much will you have in the account in 35 years?

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  1. 9 October, 12:53
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    The formula is

    A=p (1+r) ^t

    A future value?

    P present value 2000

    R interest rate 0.06

    T time 35 years

    A=2,000 * (1+0.06) ^ (35)

    A=15,372.17
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