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?
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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
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