You inherited $12,000 from your Great-Uncle Michael. If you invest it and average an 8% annual rate of return (compounded annually), how much will you have in 20 years?
You inherited $12,000 from your Great-Uncle Michael. If you invest it and average an 8% annual rate of return (compounded annually), how much will you have in 20 years?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![You inherited $12,000 from your Great-Uncle Michael.
If you invest it and average an 8% annual rate of return
(compounded annually), how much will you have in 20
years?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6ac72150-37c5-4023-8968-3205bf0d9c89%2Fc39c2e50-627d-4a1b-bf68-f7ad4f1dc03f%2Fwppwqex_processed.jpeg&w=3840&q=75)
Transcribed Image Text:You inherited $12,000 from your Great-Uncle Michael.
If you invest it and average an 8% annual rate of return
(compounded annually), how much will you have in 20
years?
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