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Morgan Bowie is trying to determine the amount to set aside so that he will have enough money on hand in 4 years to
Morgan Bowie is trying to determine the amount to set aside so that he will have enough money on hand in 4 years to overhaul the engine on his vintage used car. While there is some uncertainty about the cost of engine overhauls in 4 years, by conducting some research online, Morgan has developed the following estimates. Probability Assessment Engine Overhaul Estimated Cash Outflow $240 10% 600 30% 800 50% 800 10% Click here to view factor tables How much should Morgan Bowie deposit today in an account earning 8%, compounded annually, so that he will have enough money on hand in 4 years to pay for the overhaul? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to O decimal places, e.g. 458,581.) Deposit amount $
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