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OpenStudy (anonymous):
At the age of 18, Albert inherits $100,000 from his grandfather. One bank offers to invest this money at 10% for 5 years. A second bank offers a rate of 8% for 7 years. Which investment will yield the most money?
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OpenStudy (anonymous):
\[FV = PV \cdot (1+i)^t\]
OpenStudy (anonymous):
FV = Future Value PV = Present Value i = interest t = number of periods (in this case years)
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