13. If you deposit $3,000 in an account earning 8.25% interest, how much will you have in 25 years? You must show your calculator keystrokes to get credit for this problem. PV=3000 N = 25
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Step 1: The formula for compound interest is: $$FV = PV(1 + \frac{r}{n})^{nt}$$ where: * FV is the future value * PV is the present value * r is the annual interest rate * n is the number of times that interest is compounded per year * t is the number of years Show more…
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