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Find how much money needs to be deposited now into an account to obtain $40,000 in 5 years if the interest rate is 7% per year compounded annually. The final amount is $

Find how much money needs to be deposited now into an account to obtain $40,000 in 5 years if the interest rate is 7% per year compounded annually. The final amount is $

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
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Find how much money needs to be deposited now into an account to obtain $40,000 in 5 years if the interest rate is 7% per year compounded annually. The final amount is $ Round your answer to 2 decimal places
Transcribed Image Text:Find how much money needs to be deposited now into an account to obtain $40,000 in 5 years if the interest rate is 7% per year compounded annually. The final amount is $ Round your answer to 2 decimal places
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