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Value of Investment When Interest is Compounded

1. If a nurse deposits $1,000 today in a bank account and the interest is compounded annually at 12%, what will be the value of this investment:

a) five years from now?
b) ten years from now?
c) fifteen years from now?
d) twenty years from now?

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Solution Summary

The attached MS Excel spreadsheet contains detailed instructions for calculating the value of an investment when the applied interest is compounded,

$2.19