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Problem 5-1 Future Value (LG5-1) Compute the future value in year 9 of a $3,300 deposit...

Problem 5-1 Future Value (LG5-1) 


Compute the future value in year 9 of a $3,300 deposit in year 1, and another $2,800 deposit at the end of year 5 using a 9 percent interest rate. (Do not round intermediate calculations and round your final answer to 2 decimal places.) 


Future value = _______ 

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Answer #1

The future value is computed as shown below:

Future value = Present value ( 1 + r )n

= $ 3,300 x 1.098 + $ 2,800 x 1.094

= $ 10,527.89 Approximately

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