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You will have $38,270.10 at the end of the 6th year if you invest $5,000 annually...

You will have $38,270.10 at the end of the 6th year if you invest $5,000 annually for six years at 7% annual rate, if you start today. True or False

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Answer #1

True,

Future will be equal to:-

=FV(rate,nper,pmt,pv,1)

=FV(7%,6,-5000,,1)

=38270.10

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