Future Value
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$1,200 is received at the beginning of year 1, $2,200 is received at the beginning of year 2, and $3,300 is received at the beginning of year 3. If these cash flows are deposited at 12 percent, what will be their combined future value at the end of year 3?
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Solution Summary
The solution explains how to calculate the future value of the annual deposits.
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We have to find the future value of $1,200 for 3 years (beginning of year 1 to end of year 3). The future ...
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