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Answer to Question #189726 in Finance for keith fajardo

Question #189726

a man deposit 2000 in a bank today at a rate of 4% per annum. after 2 years he deposit another 4,000 in five years, he wil withdraw 6000, how much money does he have on the 6th year


1
Expert's answer
2021-05-06T14:21:36-0400

Compounding the investment today will inform the future value of the investment.







Hence the balance on 6th year will be $970.07




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