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##### If you put $7,000 in a savings account that pays interest at the rate of 3 percent

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**Question**

If you put $7,000 in a savings account that pays interest at the rate of 3 percent, compounded annually;how much will you have in 7 years? Round the answer to the nearest cent. Round FV-factor to three decimal places or use the Appendix B.;(Hint: Use the future value formula.);how much interest will you earn during the 7 years? Round the answer to the nearest cent.;If you put $7,000 at the end of each year into a savings account that pays interest at the rate of 3 percent a year, how much would you have after 7 years? Use the Appendix B. Round the answer to the nearest cent. Round FV-factor to three decimal places.

Paper#81804 | Written in 18-Jul-2015

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