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(Ignore income taxes in this problem.) A person just received an $8,000 inheritance check from the estate of his deceased grandmother. This person wants to
(Ignore income taxes in this problem.) A person just received an $8,000 inheritance check from the estate of his deceased grandmother. This person wants to set aside enough money to pay for a trip in five years. If the trip is expected to cost $5,000, how much of the $8,000 must this person deposit now if the rate of return is 12% per year in order to have the $5,000 in five years?
A. $2,000
B. $5,000
C. $2,835
D. $2,535
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