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31 December, 16:56

You are scheduled to receive $16,000 in two years. when you receive it, you will invest it for eight more years at 9.25 percent per year. how much will you have in ten years?

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  1. 31 December, 17:17
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    I will have $32 470.69 in 10 yr.

    I am not investing until 2 yr from now so, in 10 yr time, I will have invested for only 8 yr.

    The formula for the future value (FV) of my investment is

    FV = C (1 + r) ^n

    where C = my initial cash

    r = the interest rate

    n = the number of years

    FV = $16 000 (1.0925) ^8 = $32 470.69
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