Deposit your profits into bank account

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Reference no: EM131964134

You developed a new product that had a profit of $608517 at the end of the first year.

Your marketing team believes sales will continue to increase by 5% each year.

If you deposit your profits into a bank account that pays 5% each year compounded annually, how much will you have in your account in 8 years?

Reference no: EM131964134

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