Suppose you have $44,000 saved in an investment account and you are able to deposit an...
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Suppose you have $44,000 saved in an investment account and you are able to deposit an additional $6,000 at the end of each year. If you are able to earn 7% per year on the funds in the account, how long will it take in years until the account reaches $180,000? Suppose you have $44,000 saved in an investment account and you are able to deposit an additional $6,000 at the end of each year. If you are able to earn 7% per year on the funds in the account, how long will it take in years until the account reaches $180,000?
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We can solve this problem using the formula for the future value of an annuity FV ... View the full answer
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