A target retirement benefit of $200,000 is to be provided after seven years. This benefit will be
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A target retirement benefit of $200,000 is to be provided after seven years.
This benefit will be funded by an initial contribution of $70,000 and a lump sum payment after five years. If the fund earns 8% per annum compound, determine the lump sum required after five years.
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Related Book For 
Financial Modeling For Managers With Excel Applications
ISBN: 9780970333315
2nd Edition
Authors: Dawn E. Lorimer, Charles R. Rayhorn
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