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Margaret plans to deposit​ $500 on the first day of each of the next five​ years, beginning today. if she earns​ 4% compounded​ annually, how much will she have at the end of fi…

Margaret plans to deposit​ $500 on the first day of each of the next five​ years, beginning today. if she earns​ 4% compounded​ annually, how much will she have at the end of fi…
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Margaret plans to deposit​ $500 on the first day of each of the next five​ years, beginning today. if she earns​ 4% compounded​ annually, how much will she have at the end of five​ years?

User Doubletap
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1 Answer

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Future Value: Total =$3,424.81
Deposits: = $ $3,424.81
Interest Earned: $424.81

The question is unclear, I calculated $500 yearly deposit with the compound.

User Darshan Dhoriya
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8.0k points
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