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What amount must be invested today at an interest rate of 3.5% compounded monthly, if you want to purchase a $375,000 machine five years in

What amount must be invested today at an interest rate of 3.5% compounded monthly, if you want to purchase a $375,000 machine five years in the future?

a. What is the number of time periods (n) you should use in solving this problem?

b. What rate of interest (i), per period of time, should be used in solving this problem?

c. Is the present single amount of money (P) know? (yes or no)

d. What is the desired future amount?

e. What is the total amount that must be invested today?

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