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Calculate the future value of the investment

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Question - Tom and Suri decide to take a worldwide cruise. To do so, they need to save $10,000. They plan to invest $1,400 at the end of each year for the next five years to earn 10% compounded annually.

a. Calculate the future value of the investment.

b. Will Tom and Suri reach their goal of $10,000 in five years?

Reference no: EM133134618

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