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Mr. Glazier would like to provide the following future cash payments to his son: $3,000 each year for the next 4 years beginning one year
Mr. Glazier would like to provide the following future cash payments to his son: $3,000 each year for the next 4 years beginning one year from today to help him pay for his schooling. Also, Mr. Glazier would like to give his son an additional $12,000,3 years from today to help his son buy a vehicle, and another $4,000,5 years from today so his son can go on a vacation. Required: What is the total minimum amount that Mr. Glazier needs to invest today so that he will have the future funds available to make the planned payments to his son? Assume Mr. Glazier can earn 12% on his investment. (Round all calculated cmownts to the nearest dollar)
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