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Calculate the future value

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Question - Bill O'Brien would like to take his wife, Mary, on a trip three years from now to Europe to celebrate their 40th anniversary. He has just received a $24,500 inheritance from an uncle and intends to invest it for the trip. Bill estimates the trip will cost $29,000 and he believes he can earn 5% interest, compounded annually, on his investment.

Calculate the future value. Will he be able to pay for the trip with the accumulated investment amount?

Reference no: EM132862465

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