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Calculate the Combined Future Value at the End of Year

Question 157

Essay

Calculate the combined future value at the end of year 3 of $1,000 received at the end of year 1, $3,000 received at the end of year 2, and $5,000 received at the end of year 3, all sums deposited at 5 percent.

Correct Answer:

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FV = 1000(...

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