Answered: To accumulate $85,000 in 6 years, you…

To accumulate $85,000 in 6 years, you must invest $_ now, to the nearest whole dollar value, if the interest rate is 9.7%, compounded annually.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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To accumulate $85,000 in 6 years, you must invest $
now, to the nearest whole dollar value, if the interest rate is 9.7%, compounded annually.

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