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When an amount is invested for years during which it earns an interest of dollars compounded times per year, the formula to calculate the amount that investment grows to after years is,
Assuming that a years has 365 days ,the values for each of these variables is given as follows, , The value of the investment after 6 years is then calculated as shown below,
The investment grows to reach $9991.15 in 6 years.
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