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Gabby Moonsammy
on Dec 14, 2024

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How much will Clarence have to invest at the end of every year at 11% compounded annually if he is going to accumulate $25,000 in five years?

A) $2,758.93
B) $3,870.52
C) $4,014.25
D) $4,989.01
E) $5,562.50

Compounded Annually

A method of interest calculation where interest is added to the principal once a year.

Accumulate

To gather or collect, often a gradual increase of items or value over time.

Invest

The act of allocating resources, usually money, with the expectation of generating an income or profit.

  • Acquire the knowledge to assess the future value of investments with ongoing inputs.
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Kaitlyn McMillianDec 19, 2024
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