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If you deposit $5,400 at the end of each of the next 25 years into an account paying 10.3 percent interest, how much money will you have in the account in 25 years

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Respuesta :

mathmate
A=annual Amount = 5400
i=annual interest = 0.103 [ compounded annually]
n=number of periods [year] = 25

Future value
F=5400((1.103^25-1)/(0.103)
=555629.89

Answer: Future amount in account is $555629.89

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