How much money will he have at the end of one year

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Reference no: EM13923002

Stanford Simmons, who recently sold his Porsche, placed $10,000 in a savings account paying annual compound interest of 6 percent. Calculate the amount of money that he will have accrued if he leaves the money in the bank without making any additional contributions nor any withdrawals for one, five, and fifteen years. (A) How much money will he have at the end of 1 year? (B) How much money will he have at the end of 5 years? (C) How much money will he have at the end of 15 years?

Reference no: EM13923002

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