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An engineer received a bonus of $15,000 that he will invest now. He wants to calculate the equivalent value after 25 years, when he plans

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An engineer received a bonus of $15,000 that he will invest now. He wants to calculate the equivalent value after 25 years, when he plans to use all the resulting money as the down payment on an island vacation home. Assume a rate of return of 9% per year for each of the 25 years. Find the amount he can pay down by using the formula

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