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Suppose you deposit $116 today, $135 in one year, and $885 in two years in an account that pays an annual rate of interest of 14.1%. How much money will be in the account after three years?
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Suppose you deposit $116 today, $135 in one year, and $885 in two years in an account that pays an annual rate of interest of 14.1%. How much money will be in the account after three years?

User Ajorquera
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1 Answer

2 votes

Answer:

The answer is $1357.85

Step-by-step explanation:

Future value= Σ C(1+i)^n

FV = 116(1.141^3) + 135( 1.141^2) + 885(1.141) = $1357.85

User Monie Corleone
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