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Calculate interest earned and future value

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Problem - Calculate interest earned and future value of savings account. If you put $6,000 in a savings account that pays interest at the rate of 4 percent, compounded annually, how much will you have in 5 years? (Hint: Use the future value formula.) How much interest will you earn during the 5 years? If you put $6,000 each year into a savings account that pays interest at the rate of 4 percent a year, how much would you have after 5 years?

Reference no: EM132799865

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