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If Jim deposits $5,000 at the beginning of each year for 10 years in an account paying 5% interest compounded annually, find the amount he will have at the end of the 10 years.

Respuesta :

doodlynumero1
1 year:
  Deposits: 5000
  Interest: 250
Total: 5250
10 years:
  Deposits: 5000 x 10
    = 50000
  Interest: 250 x 10
    = 2500
Total: 52500

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