Finance

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Find the future value one year from now of a \$7,000 investment at
a 3 percent annual compound interest rate. Also calculate the future
value if the investment is made for two years.

• Finance -

Pt = Po(1+r)^n.

r = 3%/100% = 0.03 = APR expressed as a decimal.

n = 1comp/yr * 1yr = 1 = # of compound-
ing period.

Pt = 7000(1.03)^1 =

Pt = 7000(1.03)^2 =

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