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If your bank pays you interest in the form of an annual rate of return of 10% over each of the next five years, how much will your balance be if you make annual deposits of $400?

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The time value of money is the widely accepted idea that there is greater benefit to receiving a sum of money now rather than an identical sum later.


If your bank pays you interest in the form of an annual rate of return of 10% over each of the next five years, how much will your balance be if you make annual deposits of $400?






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