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Jayden invested $65,000 in an account paying an interest rate of 2.1% compounded quarterly. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 7 years?

Respuesta :

The amount that would be in the account after 7 years to the nearest ten dollars is $75,260.

What is the future value of the account?

The formula for calculating future value:

FV = P (1 + r)^nm

  • FV = Future value
  • P = Present value
  • R = interest rate = 2.1% / 4
  • m = number of compounding = 4
  • N = number of years

65,000 X (1 + 0.021/4)^(7 x4) = $75,260

To learn more about future value, please check: https://brainly.com/question/18760477

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