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31 August, 14:38

You are scheduled to receive $16,500 in three years. when you receive it, you will invest it for nine more years at 9.5 percent per year. how much will you have in twelve years?

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  1. 31 August, 16:21
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    I'm am assuming the interest is compounded each year.

    amount after 12 years = 16,500 (1 + 0.95) ^9 = $37,343.16
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