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Find how much you will have accumulated in the account

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Question - Time value Personal Finance Problem You have ?$4,200 to invest today at 6?% interest compounded annually.

a. Find how much you will have accumulated in the account at the end of? (1) 6 ?years, (2) 12 ?years, and? (3) 18 years.

b. Use your findings in part a to calculate the amount of interest earned in (1) the first 6 years (years 1 to 6), (2) the second 6 years (years 7 to 12), and (3) the third 6 years (years 13 to 18).

c. Compare and contrast your findings in part b. Explain why the amount of interest earned increases in each succeeding 6-year period.

Reference no: EM133102810

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