Homework Answers
We use the formula
A=P(1+r/100)^n
Where A=future value
P=present value
R=rate of interest
N=time period
Hence
A=2900(1.073)^4+8050(1.073)^3+7600(1.073)^2+6400(1.073)+12000
Which is equal to
=$41406.20(approx).
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