Use the future value formula

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If you put $6,000 in a savings account that pays interest at the rate of 4 percent compounded annually, how much will you have in 5 years? {Hint: Use the future value formula. How much interest will you earn during the 5 years? If you put $6,000 each year into a savings account that pays interest at the rate of 4 percent a year, how much would you have after 5 years?

Reference no: EM13846815

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