Alex Malpin is planning to spend the next three years doing research in China. An Asian studies

Question:

Alex Malpin is planning to spend the next three years doing research in China. An Asian studies research institute has agreed to pay Alex $20,000 at the end of each of the three years he is in China.

Required: How much must be invested today to have enough to pay Alex $20,000 at the end of each of the next three years assuming the investment will earn 10 percent interest.

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Asim farooq

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