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Finance. A person wishes to have $29,400 cash for a new car 7 years from now. How much should be placed in an account now, if the account pays 4.5% annual interest rate, compounded weekly? (Round to the nearest dollar.)

Finance. A person wishes to have $29,400 cash for a new car 7 years from now. How much should be placed in an account now, if the account pays 4.5% annual interest rate, compounded weekly? (Round to the nearest dollar.)

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Finance. A person wishes to have $29,400 cash for a new car 7 years from now. How much should be placed in an account now, if the account pays 4.5% annual interest rate, compounded weekly? (Round to the nearest dollar.) ***
Transcribed Image Text:Finance. A person wishes to have $29,400 cash for a new car 7 years from now. How much should be placed in an account now, if the account pays 4.5% annual interest rate, compounded weekly? (Round to the nearest dollar.) ***
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