Instead of consulting the time value of money charts

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Reference no: EM131611927

If you have $5,000 you deposit into an account today at 8% interest, what will your total amount be 6 years from today?

Instead of consulting the time value of money charts or a calculator, calculate this problem “long-hand”.

Explain the formula you used, each component of the formula, which numbers you plugged into the equation and why, and how you knew which formula to use.

Reference no: EM131611927

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