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Percent annual interest rate

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Ten years ago, Jane invested $1,000 and locked in a 7 percent annual interest rate for 30 years (end 20 years from now). James can made a 20-year investment today and lock in a 6 percent interest rate. How much money should he invest now in order to have the same amount of money in 20 years as Jane?

  • $2,373.54
  • $1,206.59
  • $673.75
  • $1,967.15

Reference no: EM131397675

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