Mike Gioulis would like to have $22,000 in 3 years to pay off a balloon payment on his business mortgage. His money market account is paying 1.825% compounded daily. Disregarding leap years, how much money (in $) must Mike put in his account now to achieve his goal? Round to the nearest whole dollar.

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A: Future value (FV) = $40,000 Period (n) = 5 Years Interest rate (r) = 7%

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Q: Suppose you want to have $400,000 for retirement in 20 years. Your account earns 5.1% interest. How…

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A:

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