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Understand compound interest and yearly contributions

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Regarding the below mathematical equation. I understand compound interest and yearly contributions but am lacking the understanding of how the mathematical equation would work with yearly contributions.

Your son will be attending an expensive university in 12 years. You deposit $5,000 per year for 12 years, beginning today. How much money will be in the college fund 12 years from now if the fund earns 8% per year?

Reference no: EM132347813

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