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Suppose I want to be able to withdraw $5,000 at the end of five years and withdraw $7,000 at the end of seven years, leaving
Suppose I want to be able to withdraw $5,000 at the end of five years and withdraw $7,000 at the end of seven years, leaving a zero balance in the account after the last withdrawal. If I can earn 5% on my balances, how much must I deposit today to satisfy my withdrawal needs?
a. $8,892
b. $8,395
c. $8,953
d. $8,539
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