You are scheduled to receive $20,000 in two years. When you receive it, you will invest it for six more years at 6.8 percent per year. How much will you have in eight years?

The amount you will have in eight years is $29,679.56

Explanation:

In order to calculate the amount you will have in eight years we would have to use the following formula:

amount you will have in eight years=PV*(1+r)∧n

According to the given data:

PV=$20,000

r=6.8%

n=6

Therefore, amount you will have in eight years=$20,000*(1+6.8%)∧6

amount you will have in eight years=$29,679.56

borrow money from the government then pay the government back 5k

answer: b. false

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