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3. To buy a retirement home, you will need $370,000 at the end of 16 years. If funds can be invested at an effective return

3. To buy a retirement home, you will need $370,000 at the end of 16 years. If funds can be invested at an effective return of 8 percent a year, how much must you invest today to have the needed amount? The amount needed to invest today is

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