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Future Values With Multiple Cash Flows
Twenty years ago you deposited $2000 into an account. Fifteen years ago you added an additional $3000. You earned 5% compunded annually for the first five years and 8% compounded annually for the last fifteen years. How much money do you have in your account today?
Do I find the FV of $2000 at 5% interest for 5 years and then find the FV of the answer I just found PLUS the $3000 at 8% for fifteen years?? PLEASE HELP!! |
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