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29-11-2020
Mathematics

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Find the present value that will grow to $1000 if the annual interest rate is 5.5% compounded quarterly for 10 years

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29-11-2020

Answer:

1708.14 rounded

Step-by-step explanation:

Y= a•b^x

5.5% = 0.055

1+0.055=1.055

Y= 1000•1.055^10

Y= 1708.14

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