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If a person spends $20 a week on coffee (assume $1,000 a year), what would be the future value of that amount over 10 years if the funds were deposited in an account earning 4 percent?
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If a person spends $20 a week on coffee (assume $1,000 a year), what would be the future value of that amount over 10 years if the funds were deposited in an account earning 4 percent?

User Danny Kirchmeier
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1 Answer

3 votes

Answer:

he future value of that amount over 10 years is $12,006.11.

Step-by-step explanation:

The Future Value, FV of the Fund is calculated as follows :

Pv = $0

Pmt = -$1,000

P/yr = 1

N = 10

r = 4%

Fv = ?

Using a Financial Calculator, the Future Value, FV is $12,006.11.

User Mahdi Jokar
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5.4k points
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