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Consider the following future value. (Round your answers to the nearest cent.) $1,000 at 8% compounded annually for 7 years (a) Find the present value

Consider the following future value. (Round your answers to the nearest cent.)

$1,000 at 8% compounded annually for 7 years

(a) Find the present value that will generate the given future value. $ ... (b) Interpret the present value.

One would have to invest $ ... now to have the future value in the given time.

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