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a. You have just won the lottery and received $30,000. You deposited your winnings into an account that pays 8 percent interest compounded annually. How

a. You have just won the lottery and received $30,000. You deposited your winnings into an account that pays 8 percent interest compounded annually. How long will you have to wait until your winnings are worth $70,000?

b. In five years, you would like to receive $100,000. If you can earn 12 percent interest, how much do you need to invest today?

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