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QUESTION
If you invest $25,582 today at an interest rate of 3.5%, compounded annually, how much money will you have in your savings account in 28 years?
If you invest $25,582 today at an interest rate of 3.5%, compounded annually, how much money will you have in your savings account in 28 years? Please show all work and round two decimals.
Solution; Computation oi the Future valueGiven intomlation Present valu e 25582Rate 0.035 m:- 0 periods 28Formula Future value W[1+r]fln Futu re value 25582I1+0.0351“28Futu re value $...