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Assume that you invest $1250 at the end of each of the next 15 years in a mutual fund. You currently have $10,000 in the mutual fund. The annual rate of interest that you expect to earn in this account is 4.35%. The amount in the account at the end of 15 years is

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Answer:

The balance in the account at the end of 15 years is $ 24,236.69

Explanation:

yr CF            DF @ 4.35   Amount

1  10,000.00  1.8940  18,940.30  

1-15  1,250.00  10.8512  13,563.94  

 Total                  32,504.24

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