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?
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?
Chapter1: Understanding Personal Finance
Section1.4: Perform Time Value Of Money Calculations
Problem 3CC
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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?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9e2b6eea-46bc-45d6-b92b-c0b143418539%2F37107775-e2e5-41f0-9316-33aeeac90602%2F2tkil6m_processed.jpeg&w=3840&q=75)
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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