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How much money must you put in the investment account

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You want $20,000 in 5 years to take your spouse on a second honeymoon. Your investment account earns 7% compounded semiannually. How much money must you put in the investment account today? (round to the nearest $1)

a. $14,178
b. $15,985
c. $13,349
d. $12,367

 

Reference no: EM13285083

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