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How much will be accumulated in a fund, earning 2% interest, if $4,000 is deposited at...

How much will be accumulated in a fund, earning 2% interest, if $4,000 is deposited at the end of each year of 4 years?

At what growth rate (annual interest rate), it would take a sum to quadruple in 10 years?
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Answer #1

i = 2%, pmt = $ 4000, t = 4 years

1) FV = 4000 x (1 + 2%)3 + 4000 x (1 + 2%)2​​ + ​​​​​... + 4000 = $ 16486.43

2)

Amount = 4P = FV

r = ? , t = 10 years

4P = P x (1 + r)10

r = 14.87%

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