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Leon and Heidi decided to invest ​$3,000 annually for only the first seven years of their marriage. The first payment was made at age 20. If the annual interest rate is 9​%, how much accumulated interest and principal will they have at age 65​?

Leon and Heidi decided to invest ​$3,000 annually for only the first seven years of their marriage. The first payment was made at age 20. If the annual interest rate is 9​%, how much accumulated interest and principal will they have at age 65​?

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Leon and Heidi decided to invest
​$3,000
annually for only the first
seven
years of their marriage. The first payment was made at age
20.
If the annual interest rate is
9​%,
how much accumulated interest and principal will they have at age
65​?
 
Click the icon to view the interest and annuity table for discrete compounding when
i=9​%
per year.
 
 
 

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Part 1
The accumulated interest and principal will equal
 
​(Round to the nearest​ dollar.)
Leon and Heidi decided to invest $3,000 annually for only the first seven years of their marriage. The first payment was made at age 20. If the annual interest rate is 9%, how much accumulated interest and principal will they have at age 65? Click the icon to view the interest and annuity table for discrete compounding when i = 9% per year. The accumulated interest and principal will equal $14,514,331. (Round to the nearest dollar.)
Transcribed Image Text:Leon and Heidi decided to invest $3,000 annually for only the first seven years of their marriage. The first payment was made at age 20. If the annual interest rate is 9%, how much accumulated interest and principal will they have at age 65? Click the icon to view the interest and annuity table for discrete compounding when i = 9% per year. The accumulated interest and principal will equal $14,514,331. (Round to the nearest dollar.)
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