The interest rate is 16%per year and there are 48 compounding periods per year. The principal is
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The interest rate is 16%per year and there are 48 compounding periods per year. The principal is $50,000. What is the future worth in 5 years?
CompoundingCompounding is the process in which an asset's earnings, from either capital gains or interest, are reinvested to generate additional earnings over time. This growth, calculated using exponential functions, occurs because the investment will...
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