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9 October, 02:54

Charles Wilson is planning to invest $27,000 today in a mutual fund that will provide a return of 10 percent each year. What will be the value of the investment in 10 years? (If you solve this problem with algebra round intermediate calculations to 6 decimal places, in all cases round your final answer to the nearest penny.)

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  1. 9 October, 03:19
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    FVn = PV X (1 + i) n

    FV10 = $27,000 X (1 + 0.10) 10

    = $27,000 X 2.59

    = $70,031.05
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