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    Determining the future value of an investment at a set rate

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    Suppose that Peter invested $24 at a 5% interest rate. What would be the balance in his account after 5 years? 50 years?

    © BrainMass Inc. brainmass.com December 24, 2021, 4:43 pm ad1c9bdddf
    https://brainmass.com/business/interest-rates/determining-future-value-investment-set-rate-3837

    SOLUTION This solution is FREE courtesy of BrainMass!

    The value after 5 years will be:
    24 X (1.05)^5 = $30.63

    The value after 50 years will be:
    24 X (1.05)^50 = $275.22

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    © BrainMass Inc. brainmass.com December 24, 2021, 4:43 pm ad1c9bdddf>
    https://brainmass.com/business/interest-rates/determining-future-value-investment-set-rate-3837

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