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You deposit $3000 each year into an account earning 5% interest compounded annually. How much will you have in the account in 20 years? $4

You deposit $3000 each year into an account earning 5% interest compounded annually. How much will you have in the account in 20 years? $4

Essentials Of Investments
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
Section: Chapter Questions
Problem 1PS
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**Problem Set 1: Finance** **Score:** 19.8/50 **8/20 answered** --- **Question 10:** You deposit $3000 each year into an account earning 5% interest compounded annually. How much will you have in the account in 20 years? **[Input Box]** **Question Help:** - Video 1 - Video 2 **[Submit Question Button]** --- This page is from an educational finance problem set assessing your understanding of compound interest. The task involves calculating the future value of a series of annual deposits with interest compounding annually. Videos are available for additional help.
Transcribed Image Text:**Problem Set 1: Finance** **Score:** 19.8/50 **8/20 answered** --- **Question 10:** You deposit $3000 each year into an account earning 5% interest compounded annually. How much will you have in the account in 20 years? **[Input Box]** **Question Help:** - Video 1 - Video 2 **[Submit Question Button]** --- This page is from an educational finance problem set assessing your understanding of compound interest. The task involves calculating the future value of a series of annual deposits with interest compounding annually. Videos are available for additional help.
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