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You invest $500 in a college savings plan that pays 3.5% interest annually. How much money will be in the savings plan after 5 years?

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money

Section: Chapter Questions

Problem 9.18E

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You invest $500 in a college savings plan that pays 3.5% interest annually. How much money will be in the savings plan after 5 years?

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