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Yearly end of the year deposits are made into a fund paying an annual effective interest rate of 7%. The first deposit is $1,500, and they go up by 2% annually. The interest from the 7% account is paid out annually and is reinvested at an annual effective interest rate of 5%. At the end of 40 years the funds are liquidated. What is the accumulated value at the time of liquidaton?

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Financial Management, Finance

Category:- Financial Management
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