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Determine the amount of money that must be invested now (time 0) at 10% nominal interest, compounded monthly, to provide an annuity of $14,000
Determine the amount of money that must be invested now (time 0) at 10% nominal interest, compounded monthly, to provide an annuity of $14,000 per year for 13 years, starting eight years from now. The interest rate remains constant over this entire period of time. CH The amount of money that must be invested now is $ (Round to the nearest dollar)
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Personal Financial Planning
Authors: Randy Billingsley, Lawrence J. Gitman, Michael D. Joehnk
15th Edition
978-0357438480, 0357438485
