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Problem 5-2 A Present value What is the present value of a security that will pay $46,000 in 20 years if securities of equal risk

Problem 5-2A Present value

What is the present value of a security that will pay $46,000 in 20 years if securities of equal risk pay 3% annually? Round your answer to the nearest cent.

Problem 5-2b

If you deposit money today in an account that pays 7% annual interest, how long will it take to double your money? Round your answer to two decimal places.

years

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