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Suppose $20,000 Is Invested at 6.5% Compounded Annually

Question 10

Essay

Suppose $20,000 is invested at 6.5% compounded annually.
(a)Find the value of the investment after 5 years.
(b)Find the value of the interest which was earned over the first 5 years.

Correct Answer:

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(a)$27,401...

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