Question: This problem is designed to be calculated using the Excel or financial calculator John placed $600 in a savings account today that earns an annual

This problem is designed to be calculated using the Excel or financial calculator

John placed $600 in a savings account today that earns an annual interest rate of 11.71 percent compounded annually. How much he will have in this account at the end of 37 years? Assume that all interest received at the end of the year is reinvested the next year.

Round the answer to two decimal places.

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