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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:

$\text{future value}=e^{rt_1}\int_0^{t_1}f(t)e^{-rt}dt$

where $f(t)$ represents a continuous investment over a period of $t_1$ years and $r$ represents the annual interest rate.

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