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Algebra

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In 2005, Lee invested $2000 in a fund that pays 5% interest for the first 10 years, and 8% interest for every year thereafter. What will be the value of her investment in the year 2020?

  • Algebra -

    2020 is 10 years at 5% and 5 years at 8%, so

    2000 * 1.05^10 * 1.08^5 = 4786.76

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