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Find the lump sum that must be deposited today to have a future value of $32,000 in 5 years if funds earn 8% compounded annually
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Find the lump sum that must be deposited today to have a future value of $32,000 in 5 years if funds earn 8% compounded annually
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Feb 25, 2018
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Find the lump sum that must be deposited today to have a future value of $32,000 in 5 years if funds earn 8% compounded annually
Mathematics
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Andrei Margeloiu
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Andrei Margeloiu
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32000=p(1+0.08)^5
Solve for p
P=32000/(1.08)^5
P=32,000÷(1.08)^(5)
P=21,778.67
Krystie
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Feb 28, 2018
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Krystie
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