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1. We have to calculate the future value. The amount invested is $2,000. The time period is 35 years and the rate is 6%. Using the FV formula
FV = PV (1+rate)^n, the amount at the end of 35 years would be
FV = 2,000 X (1+6%)^35 = ...
The solution explains some questions in time value of money
What is on the personal budget balance sheet, why important?
What information do you have in the personal budget, personal balance sheet, and personal statement of cash flows? What does each tell you and how important is the information conveyed?View Full Posting Details