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if you invest 20,000 at an annual rate of 7% compounded annually, calculate the final amount...

if you invest 20,000 at an annual rate of 7% compounded annually, calculate the final amount you will have in 30 years

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Answer #1

Total amount = P(1 + r/12)12t

                      = 20000(1 + 7/1200)12 * 30

                      = 20000(1207/1200)360

                      = 162330

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