Time value you have 1500 to invest today at 7% interest compounded annually. Find how much you will have accumulated
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Step 1
The formula to calculate the future value (FV) of an investment compounded annually is: \[ FV = P(1 + r)^n \] where: - \( P \) = principal amount (initial investment) - \( r \) = annual interest rate (as a decimal) - \( n \) = number of years the money is invested Show more…
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