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stranahan stranahan
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Posts: 3324
5 years ago
On your first through fifth birthdays your parents placed $2,000 into your college fund (five total deposits of $2,000 each). The account has earned an average of 8.0% per year until today, your twentieth birthday. How much money is in the account today?
A) $11,733.20
B) $25,383.41
C) $37,219.70
D) $12,671.86
Textbook 

Financial Management: Core Concepts


Edition: 2nd
Author:
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tokentame78tokentame78
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Posts: 235
5 years ago
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C -- FV = PMT × ((1 + r)n - 1/r) × (1 + r)n = $2,000 × ((1.08)5 - 1/.08) × (1.08)15 = $37,219.70

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