3. Able invested $5,000 in a fund for 45 years This fund gives an annual return on 7 percent per year for first 20 years and then earns 9% for remaining time. How much will this fund grow to at the end of the 45 years?

Personal Finance
13th Edition
ISBN:9781337669214
Author:GARMAN
Publisher:GARMAN
Chapter1: Understanding Personal Finance
Section1.4: Perform Time Value Of Money Calculations
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3. Able invested $5,000 in a fund for 45 years This
fund gives an annual return on 7 percent per year
for first 20 years and then earns 9% for remaining
time. How much will this fund grow to at the end of
the 45 years?
Transcribed Image Text:3. Able invested $5,000 in a fund for 45 years This fund gives an annual return on 7 percent per year for first 20 years and then earns 9% for remaining time. How much will this fund grow to at the end of the 45 years?
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