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Julia Monroe wants to create a fund today that will enable her to withdraw $26,400 per year for 8 years, with the first withdrawal to take place 5 years from today. Click here to view factor tables. If the fund earns 10% interest, how much must Julia invest today? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.) Investment amount $

Julia Monroe wants to create a fund today that will enable her to withdraw $26,400 per year for 8 years, with the first withdrawal to take place 5 years from today. Click here to view factor tables. If the fund earns 10% interest, how much must Julia invest today? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.) Investment amount $

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Julia Monroe wants to create a fund today that will enable her to withdraw $26,400 per year for 8 years, with the first withdrawal to take place 5 years from today. Click here to view factor tables. If the fund earns 10% interest, how much must Julia invest today? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.) Investment amount $
Transcribed Image Text:Julia Monroe wants to create a fund today that will enable her to withdraw $26,400 per year for 8 years, with the first withdrawal to take place 5 years from today. Click here to view factor tables. If the fund earns 10% interest, how much must Julia invest today? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.) Investment amount $
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