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Question
Use the equation from earlier Exercises to calculate the following. (Source: Adapted from Garman/Forgue, Personal Finance, Eighth Edition)
The future value of $1200 saved each year for 10 years earning 7% interest.
Solution
VerifiedAnswered 8 months ago
Answered 8 months ago
Step 1
1 of 4To solve this problem, we have to use the formula for the future value given by:
where represents a continuous investment over a period of years and represents the annual interest rate.
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