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Chapter 4: Question: (page 281)
You invest \(3,000 for three years at 12 percent.Combine these steps using the formula FV 5 PV 3 (1 1 i) n to find the future value of \)3,000 in 3 years at 12 percent interest.
Answer
The value of investment after three years is $4,214.78.
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