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4. The management of Amex Corp. plans to meet a future capital expenditure by depositing $25,000 into a savings account. Annually thereafter, for 15 years,

4. The management of Amex Corp. plans to meet a future capital expenditure by depositing $25,000 into a savings account. Annually thereafter, for 15 years, the firm intends to increase this annual savings amount by 5%. The account is expected to earn 8% interest annually.

Required: Compute the value of Amexs investment today

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