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An inheritance will be $20,000. The interest rate for the time value of money is 7%. How much is the inheritance worth now if it

  1. An inheritance will be $20,000. The interest rate for the time value of money is 7%. How much is the inheritance worth now if it will be received in; (6 marks)
    1. 5 years?
    2. 10 years?
    3. 20 years?

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