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13 March, 23:42

Laura plans to deposit $350 into an account in one year, $400 into an account in two years, and $700 into an account in three years. If the stated interest rate of the account is 4 percent, what will the balance of Laura's account be in five years?

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  1. 14 March, 00:02
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    The answer is $1616.52

    Explanation:

    Future value = Σ C (1+i) ^n

    FV = 350 (1.04) ^4 + 400 (1.04) ^3 + 700 (1.04) ^2 = $1616.52
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