Lauren Elsea is planning to buy a house when she graduates from college. She would like to

Question:

Lauren Elsea is planning to buy a house when she graduates from college. She would like to have $$20,000$ for the down payment. Lauren would like to invest a single amount now, to have the $$20,000$ at the end of three years.

Required: Calculate the amount Lauren must invest today, to have the amount of money she needs assuming her investment will earn 6 percent compounded annually for the three year investment.

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