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1 year(s) ago, Mack invested 5,080 dollars. In 2 year(s) from today, he expects to have...

1 year(s) ago, Mack invested 5,080 dollars. In 2 year(s) from today, he expects to have 8,400 dollars. If Mack expects to earn the same annual return after 2 year(s) from today as the annual rate implied from the past and expected values given in the problem, then how much does Mack expect to have in 6 years from today?

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Answer #1

First we find the rate

PV = -5080

N= 3

FV = 8400

Find I/Y in financial calculator: 18.25%

Now we find the value after 6 years

PV = -5080

N= 7

I/Y = 18.25%

Find FV in financial calculator

FV = 16424.80

Mack will get $16424.80   after 6 years.

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