hmad is looking forward to retiring in 2036. He wants to invest some money so that he can earn 10,000 per year for the next 20 years of his life. If the rate of interest is 8% compounded annually, what is the amount of the current investment   $98,181 $90,181 $88,181 $80,181 detailed answer please

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Amortized Loans

The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.