How much money should you have deposited in a bank

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Reference no: EM131566560

Question: (a) $12 000 is deposited in an account earning 4% interest per year. What is the amount after 15 years?

(b) If the interest rate is 6% each year, how much money should you have deposited in a bank 5 years ago to have $50 000 today?

Reference no: EM131566560

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