Question: Future value with multiple cash ows: Stephanie Watson plans to make the following investments beginning next year. She will invest $3,125 in each of

Future value with multiple cash ﬂ ows: Stephanie Watson plans to make the following investments beginning next year. She will invest $3,125 in each of the next three years and will then make investments of $3,650, $3,725, $3,875, and $4,000 over the following four years. If the investments are expected to earn 11.5 percent annually, how much will Stephanie have at the end of the seven years?

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