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Durco Automotive needs a $1 million balance in its contingency fund 3 years from now. The chief financial officer (CFO) wants to know how much

  • Durco Automotive needs a $1 million balance in its contingency fund 3 years from now. The chief financial officer (CFO) wants to know how much to deposit now into Durcos high-yield investment account.Determine the amount if it grows at a rate of 13% per year using simple interest.The amount if it grows at a rate of 13% per year using simple interest is?

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