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Finance

Problem:

John has some extra cash today in the amount of $240 and places the money in the bank for 9 years. John expects to have extra cash one-year from today in the amount of $590, and will leave this second amount in the bank for 8 years. All savings earn the interest rate of 4.25%.

Required:

Question 1: What will be the future value of John's bank account in 9 years from today?

Clarify broadly and show all workings.

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Basic Finance, Finance

Category:- Basic Finance
Reference No.:- M91147109

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