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Callaway, Inc. needs $2.3 million 6 years from now to purchase a machine. Currently, the firm has some extra cash and would like to establish

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Callaway, Inc. needs $2.3 million 6 years from now to purchase a machine. Currently, the firm has some extra cash and would like to establish a savings account for this purpose. The account pays 4 percent interest, compounded annually. How much money must the company deposit today to fully fund the machine purchase

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