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1. How much will $7000 grow in 12 years at 7% 2. You want $3,000,000 by the time you are 50 (in 30 years). How much will you
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Answer #1

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Future value = present value * (1 + r)n,

where r = interest rate per period,

and n = number of periods.

Here, the r = annual interest rate, which is 7%

n = total number of years, which is 12.

Future value = $7,000 * (1 + 7%)12 = $15,765.34

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