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2. A U.S. auto maker plans to build two more plants in China as it aims to harness continued growth in Asia. The company estimates

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2. A U.S. auto maker plans to build two more plants in China as it aims to harness continued growth in Asia. The company estimates that it must make annual investments of $40 million over a 8-year period. How much would the company have to invest now at an interest rate of 3% per year to sufficiently provide for the annual payments, if the first payment will begin 4 years from now? (25 points)

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