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Yao decides to place a $2,000 deposit at the end of each year into a bond fund that earns 6% annually. Find the amount of the investment in 20 years
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Yao decides to place a $2,000 deposit at the end of each year into a bond fund that earns 6% annually. Find the amount of the investment in 20 years

User Jamey
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1 Answer

3 votes

Answer:

$6414.27

Step-by-step explanation:

P= C ( 1+r )^t

Where C = $2000, r =6% and t = 20years

P = 2000 ( 1 + 6/100 )^20

P = 2000 ( 1+0.06 )^20

P = 2000 ( 1.06 )^20

P = 2000×3.20713

P = 6414.2709

P = $6414.27

User Jobs
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