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29-10-2020
Business

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A company has $46,000 today to invest in a fund that will earn 4% compounded annually. How much will the fund contain at the end of 6 years

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andromache andromache

30-10-2020

Answer:

$58,204.67

Explanation:

The computation of the fund contains at the closing of six years is shown below:

Given that

Present value = $46,000

Compound interest rate, i = 4%

Period = 6 years

Based on the above information

As we know that

Future value = Present value × (1 + interest rate)^number of years

So,

= $46,000 × (1 + 0.04)^6

= $58,204.67

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