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A savings account at Xyz Bank offers 4% interest, compounded annually. How much money must I invest today in order for the account to grow to $5,000 in ten years? Answer to the nearest whole dollar.

 Mar 23, 2021
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5000 = A * (1+.04)10

 

A = $ 5000/(1.04)10

 Mar 23, 2021

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