Jacob invests $1000 at the end of each year for 7 years in a fund earning 8%

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Jacob invests $1000 at the end of each year for 7 years in a fund earning 8% effective. He reinvests the interest earned at the end of each year at 3% effective. How much does Jacob have in total at the end of 7 years? AV=?

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Personal Finance

ISBN: 978-1133595830

12th edition

Authors: Thomas Garman, Raymond Forgue

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Posted Date: Feb 23, 2024 10:53 PM

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Jacob invests $1000 at the end of each year for 7 years in a fund earning 8%

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Calculating the total amount at the end of 7 years We can solve this problem by considering two comp... View the full answer

Personal Finance

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