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2. TM Corporation hopes to withdraw $13,000 at the end of each year for six years from a fund that earns 7% interest. How much
2. TM Corporation hopes to withdraw $13,000 at the end of each year for six years from a fund that earns 7% interest. How much should the corporation invest today? Draw a timeline to illustrate the problem. Interest is compounded annually. How much should the corporation invest today? (Use the present value and future value tables, a financial calculator, a spreadsheet or the formula method for your calculations. If using present and future value tables or the formula method, use factor amounts rounded to five decimal places, X.0XX. Round your final answer to the nearest cent, $X.XX.) The corporation should invest today. Select the timeline that illustrates the facts presented. A. B. C. PV=X D. $13,000$13,000$13,000$13,000$13,000$13,000
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