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PLEASE SHOW A SCREENSHOT OF THIS PROBLEM IN EXCEL. WITH FORMULA. PLEASE!! . If we place...

PLEASE SHOW A SCREENSHOT OF THIS PROBLEM IN EXCEL. WITH FORMULA. PLEASE!!

. If we place $7,654 in a savings account paying 7.5 percent interest compounded annually, how much will our account accrue to in 8.5 years?
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Answer #1

Calculate future value as follows:

Future value = Present value*(1+rate)^years

Future value = 7654*(1+7.5%)^8.5

Future value = 7654 * 1.84914967

Future value = $14,153.39

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