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FINANCIAL ACCOUNTING

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Homework 7.3-7.4 Linear and Exponential Models: Attempt review
12/2/21, 10:08 PM
Question 6
Incorrect
0.00 points out of 1.00
Round all answers to two decimal places.
Linda currently has $387, 648 in a retirement account. Assume her investments will obtain a growth rate of 6 % compounded annually.
If she does not put any more into the retirement account, write an equation describing the amount A she will have after T years from now.
(Use capital letters for variables)
Equation is A=P(1+r/m)^(mt)
What will she have in the account in 5 years?
She will have $ 411471.83
What will she have in the account in 7 years?
She will have $ 411513.59

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