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Harrington Kirk
02/01/2024 · High School

An investor has \( \$ 8000 \) to invest and is willing to keep it invested for up to five years. You invest \( \$ 8000 \) in a savings accour monthly. You can remove the money any time you like, but plan to keep it in the investment for 5 years. Do not round inte Part: \( 0 / 2 \) Part 1 of 2 What is the future value of the investment? RYund your answer to the nearest cent. The future value of this investment is \( \$ \).

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The future value of the investment is calculated using the formula \( FV = P \times \left(1 + \frac{r}{12}\right)^{12 \times 5} \), where \( P = 8000 \), \( n = 12 \), and \( t = 5 \). The specific future value depends on the annual interest rate \( r \).

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