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BE 6 - 5 ( L 0 3 ) Sally Medavoy will invest $ 8 , 0 0 0 a year for 2 0 years

BE6-5(L03) Sally Medavoy will invest $8,000 a year for 20 years in a fund that will earn 6% annual interest. If the first payment into the fund occurs today, what amount will be in the fund in 20 years? If the first payment occurs at year-end, what
amount will be in the fund in 20 years?

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