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Peter's opportunity cost rate is 10 percent compounded annually. How much must he deposit in an account today if he wants to receive $9,500 at

Peter's opportunity cost rate is 10 percent compounded annually. How much must he deposit in an account today if he wants to receive $9,500 at the beginning of each of the next nine years? Use the equation method to calculate.

a. $60,610

b. $61,580

c. $61,980

d. $62,252

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