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QUESTION
How much money must be invested into an account paying 8% annually, compounded annually, to have $635,000 in 22 years when I retire?
How much money must be invested into an account paying 8% annually, compounded annually, to have $635,000 in 22 years when I retire?
a) Calculate the PV (Present Value) using the "Present Value of $1.00" table in your textbook.
Remember: To use Table 13-3, you need the Number of Periods and the Interest Rate per Period.
