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Find the future value of an initial $4,215 compounded for 7 years at 8%. Assume monthly...

Find the future value of an initial $4,215 compounded for 7 years at 8%. Assume monthly compounding. (round to the nearest whole dollar)

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Answer #1

- Initial Deposit = $4,215

Calculating the Future Value of initial deposit in 7 years:-

Where,

r = Interest rate = 8%

n= no of periods = 7 years

m = no of times compounding in a year = 12 (compounded monthly)

Future Value = $7,365

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