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A 20-year-old student decided to set aside $100 on his 21st birthday for investment. Each subsequent year through 55th birthday, he plans to increase the investment on a $100 arithmetic gradient. He will not set aside additional money after hi 55th birthday. If the student can achieve a 12% rate of return, what is the future worth of the investment on his 65th birthday?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91233435

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