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VIII ) Imagine that you are a professional financial planner. One of your clients asks the following questions. Use the time value of money techniques
VIII Imagine that you are a professional financial planner. One of your clients asks the following questions. Use the time value of money techniques to develop appropriate responses to each question. points
A "I borrowed $ and am required to repay it in six equal annual endofyear installments of $ What interest rate am I paying?"
B "I need to save $ over the next years to fund my threeyear old daughter's college education. If I make annual endofyear deposits into an account that earns percent annual interest, how large must this deposit be
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