Shekhar plans to invest $3,560 in a mutual fund at the end of each of the next 8 years. If he earns 5 percent interest each year, how much will his investment be worth at the end of the third year? (Round the answer to the nearest whole dollar.)

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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Shekhar plans to invest $3,560 in a mutual fund at the end of each of the next 8
years. If he earns 5 percent interest each year, how much will his investment be
worth at the end of the third year?
(Round the answer to the nearest whole dollar.)
Transcribed Image Text:Shekhar plans to invest $3,560 in a mutual fund at the end of each of the next 8 years. If he earns 5 percent interest each year, how much will his investment be worth at the end of the third year? (Round the answer to the nearest whole dollar.)
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