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Hal Thomas wants to establish a savings fund from which a community organization could draw $890 a year for 20 years. If the account earns

Hal Thomas wants to establish a savings fund from which a community organization could draw $890 a year for 20 years. If the account earns 3 percent, what amount would he have to deposit now to achieve this goal? Use Exhibit 1-D. (Round time value factor to 3 decimal places and final answer to 2 decimal places.)

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