How much will the building be worth at the end of the year

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Reference no: EM132031602

Solve the following question

Today Tom Smith purchased an apartment building for $1,000,000. He expects it to increase in value at the rate of 12% compounded annually for the next 20 years.

How much will the building be worth at the end of the 20th year if his expectations are correct?

Reference no: EM132031602

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