Lowell Pitman needs to have ($50,000) at the end of five years. Lowell would like to invest

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Lowell Pitman needs to have $$50,000$ at the end of five years. Lowell would like to invest a single amount now, to have the $$50,000$ in five years.

Required: Calculate the amount Lowell must invest today to have the amount of money he needs assuming his investment will earn 8 percent compounded annually for the five-year investment.

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JAPHETH KOGEI

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