Question
Asked Nov 29, 2019
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nt
and A Pert to solve.
P 1
Use the compound interest formulas A
Vovice
O
29) Find the accumulated value of an investment of $14,000 at 5% compound ed annually for 20 years
B) $27,300.00
D) $37,146.17
C) $35,377.30
A) $28,000.00
003
VA:(O
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nt and A Pert to solve. P 1 Use the compound interest formulas A Vovice O 29) Find the accumulated value of an investment of $14,000 at 5% compound ed annually for 20 years B) $27,300.00 D) $37,146.17 C) $35,377.30 A) $28,000.00 003 VA:(O

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Step 1
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Consider the provided information, an investment of $14,000 at the rate of 5% compounded annually for 20 years

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Step 2
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According to the formula of compound interest nt A = P1+ п Where, P is amount of investment ris rate n is number t is time

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Step 3
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Substitute P 14,000, r = 5%, n = 1 and t = 20 years in the above-menti oned formula 120 5% A $14,000 1+- 1 120 5 = $14,000 1 100 20 = $ 14,000 1+ 20 20 21 = $14,000 20 = $37,146.17

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