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you  deposit $5000 each year into an account earning 2% interest compounded annually. How much will you have in the account in 35 years?

 Apr 9, 2022
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Use this formula to find the FV of the account:

 

P=5000;   R=0.02;  N=35;    FV=P*((1 + R)^N - 1)/ R

 

FV = $ 249,972.39 - FV of the account after 35 years.

 Apr 9, 2022

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