(Solution Library) (2.5 Points) Assume that you invest $1 today in an account earning 3% interest, compounded annually. How much will be in the account in 30 years?
Question: (2.5 Points) Assume that you invest $1 today in an account earning 3% interest, compounded annually.
- How much will be in the account in 30 years?
- How much will be in the account in 60 years?
- Moving from part A to part B, the length of the investment doubles. Why does the future value of the investment more than double?
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