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Suppose you wish to have $ 1 7 , 2 5 0 in 5 years. Use the present value formula to find how much you

Suppose you wish to have $

17, 250

5

years. Use the present value formula to find how much you should invest now at

6 %

interest, compounded semiannually in order to have $

17, 250, 5

years from now. Then calculate the amount of interest.

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