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Q3:How much money must you deposit in year 6 if you deposit $5000 now and you want to have $12,000 at the end of year 11? Assume your deposits earn interest at 6% per year. [40 marks]

Engineering Fundamentals: An Introduction to Engineering (MindTap Course List)

5th Edition

ISBN:9781305084766

Author:Saeed Moaveni

Publisher:Saeed Moaveni

Chapter20: Engineering Economics

Section: Chapter Questions

Problem 12P

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Q3:How much money must you deposit in year 6 if you deposit $5000
now and you want to have $12,000 at the end of year 11?
Assume your deposits earn interest at 6% per year.
[40 marks]

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