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You have just remembered that four years ago you placed $1,000 in a bank account- If the bank was paying an annual rate of return of 8% during that time, how much should you have in your forgotten account?

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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.


You have just remembered that four years ago you placed $1,000 in a bank account- If the bank was paying an annual rate of return of 8% during that time, how much should you have in your forgotten account?






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