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5 . Erica would like to accumulate $ 1 7 5 , 0 0 0 for her retirement in 9 years. If she is promised

5 .

Erica would like to accumulate $

175, 000

for her retirement in

9

years. If she is promised a rate of

4.53 %

compounded monthly by her local bank, how much should she invest today?

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