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What lump-sum amount would have to be invested

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Question - The Morgans would like to send their daughter to a music camp at the end of each of the next five years. The camps costs $1,000 a year. What lump-sum amount would have to be invested now to have $1,000 at the end of each year if the rate of return is 8%.

a. $681

b. $3,993

c. $4,674

d. $5,000

Reference no: EM132884280

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