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14 June, 12:39

Suppose you deposit $116 today, $135 in one year, and $885 in two years in an account that pays an annual rate of interest of 14.1%. How much money will be in the account after three years?

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  1. 14 June, 12:56
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    The answer is $1357.85

    Explanation:

    Future value = Σ C (1+i) ^n

    FV = 116 (1.141^3) + 135 (1.141^2) + 885 (1.141) = $1357.85
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