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ust for fun, let’s say that your money actually could grow as fast as the rabbit...

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Finance

ust for fun, let’s say that your money actually could grow asfast as the rabbit population in Australia grew, which isapproximately equal to an APY of 29%. Assuming that you found abank that would pay 29% APY and you deposited $250 into youraccount,

how much money would you have in your account after 1 year?After 2 years? After 5, 7, and 10 years? (Round answersto 2 decimal places, e.g. 52.75.)

Answer & Explanation Solved by verified expert
3.6 Ratings (457 Votes)
Information provided Present value 250 Interest rate 29 1The value after 1 year is computed by calculating the future value The future value is calculated by entering the below in a financial calculator PV 250 IY 29 N 1 Press the CPT key and FV to calculate the future value The value obtained is 32250 Therefore the money in    See Answer
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Transcribed Image Text

ust for fun, let’s say that your money actually could grow asfast as the rabbit population in Australia grew, which isapproximately equal to an APY of 29%. Assuming that you found abank that would pay 29% APY and you deposited $250 into youraccount,how much money would you have in your account after 1 year?After 2 years? After 5, 7, and 10 years? (Round answersto 2 decimal places, e.g. 52.75.)

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