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Your daughter has been saving $500 a year for each of the last 10 years for her 'sweet sixteen' party- How much is now in her party account (at the end of the tenth year) if she earned an annual rate of return of 6%?

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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.


Your daughter has been saving $500 a year for each of the last 10 years for her 'sweet sixteen' party- How much is now in her party account (at the end of the tenth year) if she earned an annual rate of return of 6%?






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