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You have $17176 and decide to invest at 3.1% APR compounded monthly. How much money do...

You have $17176 and decide to invest at 3.1% APR compounded monthly. How much money do you have after 9 years?

Solutions

Expert Solution

Present value = Future value/(1+i)^n

i = interest rate per period

n= number of periods

=>

Future value = 17176 * (1+0.031/12)^108

= 22695.20

jeff jeffy answered 2 years ago
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