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It costs you $30000 today to take a trip around the world in five years. Assume that there cost of your trip rises with 1%
It costs you $30000 today to take a trip around the world in five years. Assume that there cost of your trip rises with 1% inflation. How much would you have to deposit today in an account deposit earning 5%, compounded semiannually, to be able to afford the trip in five years?
a) $24,631
b) $21,390
c) $23,506
d) $25,875
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