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At the beginning of each year, Joe invests $10,000 in his retirement fund. The fund gives 10% interest, compounded annually. At the end of the third year, how much money will be in Joe's fund?

 Sep 16, 2021
 #1
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Final amount = 10 000 (1+.10)3

 Sep 17, 2021
 #2
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EP: 10,000 are annual deposits at the beginning of each year:

 

P=10000;   R=0.10;  N=3;    FV=P*((1 + R)^N - 1)/ R * (1 + R

 

FV = $ 36,410 - Balance of the retirement fund at the end of the 3rd year.

 Sep 17, 2021

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