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It is January 1, 2023. After assessing your goals for the new year, you decide to establish a savings account by depositing a single amount
It is January 1, 2023. After assessing your goals for the new year, you decide to establish a savings account by depositing a single amount that will increase to $25,000 at the end of four years so that you can purchase a reliable car. Assuming a 7% annual interest rate, what single amount must be deposited into the savings account on January 1, 2023? (FV of $1, PV of $1, FVA of $1, and PVA of $1)
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