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You plan to deposit $600 in a bank account now and $300 at the end of the year. If the account earns 3% interest per year, wh
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Answer #1
Answer:
Future value   = Present value x ( 1 + rate) ^ Time
                             =   $ 600 x ( 1 + 3% )^ 1
                             = $ 600 x 1.03
Future value   =   $ 618
The balance in the account right after you make the second deposit
         = Future value + Deposited amount at end
         =   $ 618 + $ 300
         =   $ 918
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