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How much money needs to be set aside today to purchase a new piece of equipment in five years? The money is expected to earn

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How much money needs to be set aside today to purchase a new piece of equipment in five years? The money is expected to earn 8% interest compounded annually and the price of the equipment is expected to increase by 3% per year. The present cost of the equipment is $10,000. $7,889.81 $6912.40 $7,010.18 $6,806.00

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