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The company wants to have $36 million for a plant expansion 5 years from now. If the company has already set aside $15 million in
The company wants to have $36 million for a plant expansion 5 years from now. If the company has already set aside $15 million in an investment account for the expansion, how much more must the company add to the account next year (i.e., 1 year from now) so that it will have the $36 million 5 years from now? The account earns interest at 10% per year, compounded quarterly
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